- Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31st March, 2024 along with Notes to accounts :
Vikalp Ltd.
Balance Sheet as at 31 st March, 2024
| Particulars | Note No. | 31-03-24 (₹) |
31-03-23 (₹) |
|
|---|---|---|---|---|
| I. | Equity and Liabilities (1) Shareholders Funds (a) Share capital |
1 | 59,60,000 | 50,00,000 |
Notes to accounts’ as on 31st March, 2023 :
| Note No. | Particulars | 31-3-2023 (₹) |
|---|---|---|
| 1. | Share Capital: Authorised capital 9,00,000 equity shares of 10 each Issued capital: 5,00,000 equity shares of 10 each Subscribed capital : Subscribed and fully paid up 5,00,000 equity shares oft 10 each Subscribed but not fully paid up |
90,00,000 |
| 50,00,000 | ||
50,00,000 Nil |
||
| 50,00,000 |
Notes to accounts’ as at 31st March, 2024:
| Note No. | Particulars | 31.03.2024 (₹) | |
|---|---|---|---|
| 1. | Share Capital | ||
| Authorised Capital | |||
| 9,00,000 Equity Shares of ₹10 each | 90,00,000 | ||
| Issued Capital | |||
| 6,00,000 Equity Shares of ₹10 each | 60,00,000 | ||
| Subscribed Capital | |||
| Subscribed and fully paid-up | |||
| 5,80,000 Equity Shares of ₹10 each | 58,00,000 | ||
| Subscribed but not fully paid-up | |||
| 20,000 Equity Shares of ₹10 each fully called-up | 2,00,000 | ||
| Less Calls-in-Arrears | |||
| 20,000 Equity Shares @ ₹2 per share | 40,000 | 1,60,000 | |
| 59,60,000 |
Answer the following questions:
1. The total face value of equity shares issued during the year 2023-2024 was:
(A) | ₹10,00,000 | (B) | ₹9,80,000 |
(C) | ₹4,20,000 | (D) | ₹11,00,000 |
2. The number of shares on which the called up amount was not received were:
(A) | ₹1,00,000 | (B) | ₹80,000 |
(C) | ₹3,00,000 | (D) | ₹20,000 |
3. On 1st April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by:
(A) | ₹1,60,000 | (B) | ₹40,000 |
(C) | ₹2,00,000 | (D) | ₹2,40,000 |
4. On forfeiture, ‘Share Forfeiture Account’ will be credited with:
(A) | ₹1,60,000 | (B) | ₹40,000 |
(C) | ₹2,00,000 | (D) | ₹2,40,000 |
5. If all the forfeited shares are reissued at 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
(A) | ₹40,000 | (B) | ₹1,60,000 |
(C) | ₹2,00,000 | (D) | ₹1,20,000 |
6. If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be:
(A) | ₹2,00,000 | (B) | ₹1,60,000 |
(C) | ₹40,000 | (D) | Nil |
Marks-6, CBSE: 2024-25/Zone-2/Set-1/Q-24
Answer :
