Question

Ronit Ltd. was registered with an authorised capital of \rupee75,00,000 divided into 75,000 equity shares of \rupee100 each. The company invited applications for issuing 45,000 shares. The amount was payable as follows: \rupee30 per share on application, \rupee30 per share on allotment, \rupee25 per share on first call, and the balance on final call. Applications were received for 42,000 shares and allotment was made to all the applicants. Charvi, to whom 3,300 shares were allotted, failed to pay both the calls. Her shares were forfeited. Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare notes to accounts.

Hint:

For forfeited shares, adjust the amount received and unpaid calls to reflect accurate figures in the Balance Sheet as per the Companies Act, 2013.

Answer 1

1. Total Share Capital: \[ \text{Issued Capital} = 42,000 \times \rupee100 = \rupee42,00,000. \] 2. Forfeited Shares: \[ \text{Forfeited Amount} = 3,300 \times (\rupee30 + \rupee30) = \rupee1,98,000. \] % Balance Sheet \begin{center} Balance Sheet of Ronit Ltd. as at 31-Mar-2023 \end{center} \begin{center} \begin{tabular}{|p{8cm}|p{6cm}|} Particulars & Amount (\rupee)
Equity and Liabilities &
Equity Share Capital & 42,00,000
Less: Calls in Arrears (3,300 × \rupee50) & (1,65,000)
Add: Forfeited Shares & 1,98,000
Net Share Capital & 42,33,000
\end{tabular} \end{center} % Notes to Accounts Notes to Accounts: Issued and Subscribed Capital: 42,000 shares of \rupee100 each, \rupee50 unpaid on 3,300 shares. Calls in Arrears: \rupee1,65,000. Forfeited Shares: \rupee1,98,000 (from 3,300 shares forfeited).