Balance Sheet (Extract)
Of XYZEE ltd as at 31.03.2024 (as per schedule -III of Companies Act 2013)
| Note no. | 31.03.2023 | 31.03.2024 | |
|---|---|---|---|
| I- Equity & Liabilities | |||
| 1. Shareholders Funds | |||
| a). Share Capital | 1 | 44,90,000 | 54,90,000 |
| b). Reserves and Surplus | 2 | 2,00,000 | 3,60,000 |
| Note no.1 (For year ending 31.03.2023) | ||
|---|---|---|
| Share Capital | ||
| 1). Authorised Share Capital | ||
| 8,00,000 Equity Shares of ₹10 each | 80,00,000 | |
| 2). Issued Share Capital | ||
| 4,50,000 Equity Shares of ₹10 each | 45,00,000 | |
| 3). Subscribed Share Capital | ||
| a). Subscribed and Fully paid | ||
| ₹10 per share on 4,45,000 Equity Shares | 44,50,000 | |
| b). Subscribed and not Fully paid | ||
| ₹ 10 per share on 5,000 Equity shares | 50,000 | |
| Less not paid: ₹ 2 per share on 5,000 Equity shares | -10,000 | 44,90,000 |
| Note no.1 (For year ending 31.03.2024) | ||
|---|---|---|
| Share Capital | ||
| 1). Authorised Share Capital | ||
| 8,00,000 Equity Shares of ₹ 10 each | 80,00,000 | |
| 2). Issued Share Capital | ||
| 5,50,000 Equity Shares of ₹ 10 each | 55,00,000 | |
| (Out of these 40,000 shares were issued to the vendors as consideration for Capital asset purchased) | ||
| 3). Subscribed Share Capital | ||
| a). Subscribed and Fully paid | ||
| ₹10 per share on 5,45,000 Equity Shares | 54,50,000 | |
| b). Subscribed and not Fully paid | ||
| ₹ 10 per share on 5,000 Equity shares | 50,000 | |
| Less not paid: ₹ 2 per share on 5,000 Equity shares | -10,000 | 54,90,000 |
| Note no. 2 - Reserves and Surplus | ||
|---|---|---|
| 31.03.2023 | 31.03.2024 | |
| Capital Reserve | Nil | 40,000 |
| Securities Premium | 2,00,000 | 3,20,000 |
During the year the company took over the business of Quipa Ltd. with Assets of ₹12,00,000/- and Liabilities of ₹7,30,000. Purchase consideration was paid in cash and by issue of equity shares at par. The entire transaction resulted in Capital reserve of ₹40,000.
Q1. What is the total face value of Shares issued by the Company during the year 2023-24.
A). ₹10,00,000
B). ₹6,00,000
C). ₹9,50,000
D). ₹11,20,000
Q2. Shares issued for cash during the year were issued at _______. (assuming they were issued together)?
A). ₹10
B). ₹8
C). ₹12
D). ₹11.20
Q3. On April 1, 2024, the company forfeited all the defaulting shares. What amount will appear in the Share Forfeiture account at the time of forfeiture?
A). ₹40,000
B). ₹ 50,000
C). ₹10,000
D). ₹ 60,000
Q4. What will be the number of Issued shares, as on April 1,2024, after the forfeiture of these shares?
A). 5,45,000 shares
B). 5,50,000 shares.
C). 4,45,000 shares.
D). 5,05,000 shares.
Q5. If 2,000 of the forfeited shares were issued at ₹14 per share, what will be the amount of securities premium and Capital reserve respectively as on April 1, 2024?
A). ₹3,20,000, ₹40,000
B). ₹3,28,000, ₹56,000
C). ₹3,28,000, ₹80,000
D). ₹3,20,000, ₹80,000
Q6. What will be the amount in the “Subscribed and Fully paid” after the reissue of these 2,000 shares?
A). ₹54,50,000
B). ₹55,00,000
C). ₹54,70,000
D). ₹54,80,000
Mark-6, CBSE: 2024-25/Sample/Q-26
Answer :
