Sarthaks Test
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A Ltd. company with registered capital of Rs.5,00,000 in shares of Rs.10 each issued 20,000 of such shares payable Rs.2 on application, Rs.4 on allotment, Rs.2 on first call and Rs.2 on final call. All the money payable on allotment was duly received but on the first call being made, one shareholder paid the entire balance on his holding of 300 shares and five shareholders with a total holding of 1,000 shares failed to pay their dues on the first call. These shares were forfeited for non-payment of first call money. Final call was made and all the money due was received. Later on, forfeited shares were reissued @Rs.6 per share as fully paid-up. Record the above in the company’s Journal and prepare the Balance Sheet.

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As per the schedule III of companies act,2013 the Company's Balance sheet is presented as follwos.

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