33 :- The authorised capital of Sarang Ltd. is Rs 1,20,00,000 divided into 12,00,000 shares of Rs 10 each. Out of these, company issued 8,00,000 shares of Rs 10 each at a premium of 20%. The amount per share was payable as follows :
On Application – Rs 2
On Allotment – Rs 6 (including premium)
On First – Rs 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 1 of the Companies Act, 2013, disclosing the above information. Also prepare ‘Notes to Accounts’ for the same.
Solution :-
