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7.32 Double Entry Book Keeping (Section A)—ISC XII

BALANCE SHEET OF ZENON LTD. as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
Shareholders’ Funds
(a) Share Capital 1 29,61,000
(b) Reserves and Surplus 2 12,03,000
Total 41,64,000
II. ASSETS
Current Assets
Cash and Bank Balances 3 41,64,000
Total 41,64,000
Notes to Accounts
1. Share Capital ` `
Authorised Capital
... Equity Shares of ` 10 each ...
Issued Capital
3,00,000 Equity Shares of ` 10 each 30,00,000
Subscribed Capital
Subscribed and fully paid-up
2,93,000 Equity Shares of ` 10 each 29,30,000
Subscribed but not fully paid-up
3,000 Equity Shares of ` 10 each 30,000
Less: Calls-in-Arrears 9,000 21,000
Add: Forfeited Shares A/c (WN 4) 10,000
29,61,000
2. Reserves and Surplus
Capital Reserve 39,000
Securities Premium Reserve 11,64,000
12,03,000
3. Cash and Bank Balances
Cash at Bank 41,64,000

Working Notes:
1. (i) The excess amount received from Honey on application:
Honey has been allotted 6,000 shares.
3,50,000
Therefore, he must have applied for × 6,000 = 7,000 shares.
3,00,000
The excess application money received from Honey:
7,000 shares – 6,000 shares = 1,000 shares × ` 3 = ` 3,000.
(ii) Amount not received from Honey on Allotment: `
Allotment money due on 6,000 shares @ ` 4 24,000
Less: Excess money received from Honey on application 3,000
The allotment money not received from Honey 21,000
(iii) Net amount received on Allotment:
Allotment money due on 3,00,000 shares @ ` 4 12,00,000
Less: The excess amount received on application 1,50,000
Balance due 10,50,000
Less: Amount not received from Honey on allotment 21,000
Net amount received on allotment in cash 10,29,000