Are you looking for the solution to Question number 27 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?
The authorised capital of Sarang Ltd. is ₹ 1,20,00,000 divided into 12,00,000 shares of ₹ 10 each. Out of these, company issued 8,00,000 shares of ₹ 10 each at a premium of 20%. The amount per share was payable as follows:
|On Application||₹ 2|
|On Allotment||₹ 6 (including Premium)|
|On First Call||₹ 2|
|On Final Call||Balance|
Public applied for 7,80,000 shares. All the money was duly received. Prepare an extract of Balance Sheet of Sarang Ltd. as per Schedule III, Part I of the Companies Act, 2013, disclosing the above information. Also prepare ‘Notes to Accounts’ for the same.
[Ans.: Balance Sheet Total = ₹ 93,60,000.]