Unnati Ltd. was registered with an authorised capital of % 8,00,000 divided into equity shares ……………………

Question :Unnati Ltd. was registered with an authorised capital of % 8,00,000 divided into equity shares of € 10 each. The company issued a prospectus inviting applications for 60,000 equity shares. The company received applications for 58,000 equity shares. All calls were made and were duly received except the second and final call of ¥ 3 per share on 3,000 shares held by Manit. These shares were forfeited.

(i) Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2019.
(ii) Also prepare “Notes to Accounts” for the same.

The correct answer is -(i) Share Capital in the Balance Sheet of Unnati Ltd. as per Schedule III, Part I of the Companies Act, 2019:

Authorized Share Capital: ₹ 8,00,000 Issued and Subscribed Share Capital: 60,000 Equity Shares of ₹ 10 each ₹ 6,00,000 Add: Share Forfeited (3,000 Equity Shares) ₹ 30,000 Sub-Total ₹ 6,30,000 Less: Calls in Arrears (3,000 Equity Shares) ₹ 9,000 Total ₹ 6,21,000

(ii) Notes to Accounts:Share Capital: Authorized Share Capital ₹ 8,00,000 Issued and Subscribed Share Capital: 60,000 Equity Shares of ₹ 10 each ₹ 6,00,000 Add: Share Forfeited (3,000 Equity Shares) ₹ 30,000 Sub-Total ₹ 6,30,000 Less: Calls in Arrears (3,000 Equity Shares) ₹ 9,000 Total ₹ 6,21,000

Calls in Arrears: Particulars No. of Shares Amount Calls in Arrears as at the beginning 0 0 Add: Calls in Arrears during the year 3,000 ₹ 9,000 Less: Calls received during the year 0 0 Calls in Arrears as at the end 3,000 ₹ 9,000