The following information has been obtained from Guru Ltd. for the year ending 31st March, 2018: Authorised, Issued and Subscribed Capital: 200 Lakh Equity Shares of ₹10 each, out of which 100 lakh shares were issued as

CS Executive · Company Accounts & Auditing Practices · PYQS · December 2018
The following information has been obtained from Guru Ltd. for the year ending 31st March, 2018: Authorised, Issued and Subscribed Capital: 200 Lakh Equity Shares of ₹10 each, out of which 100 lakh shares were issued as fully paid-up, 48 Lakh shares were ₹8 each called-up and paid-up and 1.50 Lakh shares were ₹8 called-up but calls-in-arrear thereon of ₹3 Lakh. Following are balances of some accounts: Capital Reserve ₹150 Lakh General Reserve ₹40 Lakh Securities Premium ₹130 Lakh Statement of Profit and Loss (Dr.) ₹115 Lakh Forfeited Shares ₹2 Lakh You are required to prepare relevant notes to the accounts for the year ended 31st March, 2018 as per Schedule III of the Companies Act, 2013.

Answer & Explanation:

Notes to Accounts Particulars (In Lakhs) 1. Share Capital Authorized Capital: 2000 200 lakh Equity Shares of ₹10 each Issued and Subscribed Capital: 100 lakh Equity Shares of ₹10 each fully paid 1000 48 lakh Equity Shares of ₹10 each ₹8 paid up 384 1.50 lakh Equity Shares of ₹10 each ₹8 called up 12 Less: Calls in Arrears (3) 9 Add: Forfeited Shares Account 2 Total 1395 2. Reserve and Surplus Securities Premium 130 Capital Reserve 150 General Reserve 40 Statement of Profit and Loss (Dr.) (115) Total 205

Topics: Company Accounts

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