Page 48 - AAAXII

M.44 An Aid to Accountancy—CBSE XII

Ajanta Company Ltd.
BALANCE SHEET as at ...
Particulars Note No. Amount
`
I. EQUITY AND LIABILITIES
Shareholders’ Funds
(a) Share Capital 1 19,95,000
(b) Reserves and Surplus 2 26,000
Total 20,21,000
II. ASSETS
Current Assets
Cash and Cash Equivalents (Cash at Bank) 20,21,000

Notes to Accounts
Particulars ` `
1. Share Capital
Authorised Capital
30,000 Equity Shares of ` 100 each 30,00,000
Issued Capital
20,000 Equity Shares of ` 100 each 20,00,000
Subscribed Capital
Subscribed and fully Paid-up
19,800 Equity Shares of ` 100 each 19,80,000
Add: Forfeited Shares A/c 15,000 19,95,000
2. Reserves and Surplus
Capital Reserve 26,000

Working Note: `
Amount forfeited on 600 shares (600 × ` 75) 45,000
Ê 400ˆ
Amount forfeited on 400 shares Á ` 45,000 ¥ ˜ 30,000
Ë 600 ¯
Less: Discount allowed on Reissue of 400 shares (400 × ` 10) 4,000
Gain on reissue transferred to Capital Reserve 26,000
Or
(a) JOURNAL OF X LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Share Capital A/c (20 × ` 7) ...Dr. 140
To Forfeited Shares A/c (20 × ` 5) 100
To Calls-in-Arrears A/c (20 × ` 2) 40
(Being 20 shares forfeited due to non-payment of ` 2 per share)
Bank A/c (15 × ` 8) ...Dr. 120
To Share Capital A/c (15 × ` 7) 105
To Securities Premium Reserve A/c (15 × ` 1) 15
(Being 15 forfeited shares reissued as ` 7 per share paid-up for ` 8 per share)
Forfeited Shares A/c ...Dr. 75
To Capital Reserve A/c 75
(Being the transfer of gain on reissue of 15 forfeited shares to Capital Reserve)
Working Note:
Gain on reissue of 15 shares = ` 100/20 × 15 = ` 75.