The Total solution for NCERT class 6-12
Books of Sumit Machine Ltd.
Date
Particulars
L.F.
Debit
Amount
(₹)
Credit
Bank A/c
Dr.
12,50,000
To Share Application A/c
(Share Application money received on application for 50,000 shares @ ₹25 per share)
Share Application A/c
To Share Capital A/c
(Share Application money of 50,000 shares transferred to Share Capital Account)
Share Allotment A/c
25,00,000
22,50,000
To Securities Premium A/c
2,50,000
(Share Allotment money due on 50,000 shares @ ₹45 each at a premium of ₹5)
To Share Allotment A/c
(Allotment money received for 50,000 shares @ ₹50 per share)
Share First and Final Call A/c
15,00,000
(Share First and Final call due on 50,000 shares @ ₹30 per share)
14,88,000
Calls in Arrears A/c
12,000
To Share First and Final Call A/c
(Share First and Final Call received except 400 shares)
Sumit Machine Ltd.
Balance Sheet
Note No.
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital
1
49,88,000
b. Reserves and Surplus
2
2. Non-Current Liabilities
3. Current Liabilities
Total
52,38,000
II. Assets
a. Cash and Cash Equivalents
3
NOTES TO ACCOUNTS
Share Capital
Authorised Share Capital
…….. shares of ₹ 100 each
-
Issued Share Capital
50,000 shares of ₹ 100 each
50,00,000
Subscribed, Called-up and Paid-up Share Capital
Less: Calls-in-Arrears
(12,000)
Reserves and Surplus
Securities Premium Reserve
Cash and Cash Equivalents
Cash at Bank