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Joint Stock Company—Issue of Debentures 8.17

BALANCE SHEET OF GEE ESS LTD.
as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 1 15,00,000
(b) Reserves and Surplus 2 (3,02,220)
2. Non-Current Liabilities
Long-term Borrowings 3 22,11,100
Total 34,08,880
II. ASSETS
1. Non-Current Assets
Fixed Assets—Tangible 10,00,000
2. Current Assets
Cash and Bank Balances 4 24,08,880
Total 34,08,880

Notes to Accounts
1. Share Capital `
Authorised Capital
2,00,000 shares of ` 10 each 20,00,000
Issued Capital
1,50,000 shares of ` 10 each 15,00,000
Subscribed Capital
Subscribed and fully paid-up
1,50,000 shares of ` 10 each 15,00,000
2. Reserves and Surplus
Securities Premium Reserve 1,00,000
Less: Discount on Issue of Debentures Written off 1,00,000 ...
Surplus, i.e., Balance in Statement of Profit and Loss:
Opening Balance ...
Less: Discount on Issue of Debentures 11,110
Loss on Issue of Debentures 1,00,000
Interest on Debentures (` 95,555 + ` 95,555) 1,91,110 3,02,220 (3,02,220)
(3,02,220)
3. Long-term Borrowings
11,111; 10% Debentures of ` 100 each 11,11,100
(Issued to Vendors of Computers and Office Furniture for consideration
other than cash)
10,000; 8% Debentures of ` 100 each 10,00,000
Premium payable on Redemption of Debentures 1,00,000
22,11,100
4. Cash and Bank Balances
Cash at Bank 24,08,880
(Opening Balance ` 15,00,000 + ` 13,75,000 – ` 2,75,000 – ` 1,91,110 – ` 10)