question_answer

The authorised capital of Chaturvedi Ltd is Rs. 50,00,000 divided into 25,000 shares of Rs. 200 each. Out of these, the company issued 12,000 shares of Rs. 200 each at a premium of 10%. The amount per share was payable as follows: Rs. 60 on application Rs. 60 on allotment (including premium) Rs. 30 on first call and balance on final call. Public applied for 11,000 shares. All the money was duly received. Prepare an extract of balance sheet of Suhas Ltd as per Revised Schedule III, Part I of the Companies Act, 2013 disclosing the above information. Also prepare notes to accounts for the same.

Answer:

Total of balance sheet = Rs. 24,20,000