Page 259 - ISCDEBK-12

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

Calls-in-Arrears are in respect of 5,000 Equity Shares being final call of ` 3 each.
There is a contingent liability in respect of a claim of ` 10,000 against the company not
acknowledged as debt.
Solution: Nishant Company Ltd.
BALANCE SHEET as at ...
Particulars Note No. `
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 1 7,85,000
(b) Reserves and Surplus 2 1,16,000
2. Non-Current Liabilities
Long-term Borrowings 3 6,00,000
3. Current Liabilities
(a) Trade Payables 4 1,76,000
(b) Other Current Liabilities 5 28,000
Total 17,05,000
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets:
Tangible Fixed Assets 6 12,08,400
Intangible Fixed Assets 7 50,000
(b) Non-Current Investments 8 95,000
2. Current Assets
(a) Inventories 9 10,000
(b) Trade Receivables 10 1,65,300
(c) Cash and Bank Balances 11 81,300
(d) Short-term Loans and Advances 12 95,000
Total 17,05,000

Notes to Accounts
1. Share Capital `
Authorised Capital
1,20,000 Equity Shares of ` 10 each 12,00,000
Issued Capital
80,000 Equity Shares of ` 10 each 8,00,000
Subscribed Capital
Subscribed and Fully Paid-up:
75,000 Equity Shares of ` 10 each 7,50,000
Subscribed but not Fully Paid-up:
5,000 Equity Shares of ` 10 each 50,000
Less: Calls-in-Arrears 15,000 35,000
7,85,000
2. Reserves and Surplus
General Reserve 50,000
Surplus, i.e., Balance in Statement of Profit and Loss 75,000
Less: Preliminary Expenses written off 9,000 66,000
1,16,000
3. Long-term Borrowings
6% Debentures 6,00,000
4. Trade Payables
Sundry Creditors 1,00,000
Bills Payable 76,000
1,76,000