Following is the extract of the Balance Sheet of Sankalp Ltd. as per Schedule III, Part I of the Companies Act, 2013 as at 31st March, 2024 along with the notes to accounts:
Balance Sheet of Sankalp Ltd. as at 31st March, 2024 (An extract)
| Particulars | Note No. | 31.03.2024 (₹) |
31.03.2023 (₹) |
|---|---|---|---|
| I Equity and Liabilities : | |||
| 1. Shareholders’ Funds | |||
| (a) Share Capital | 1 | 29,80,000 | 25,00,000 |
Notes to Accounts as at 31st March, 2023
| Note No. | Particulars | 31.03.2023 (₹) | |
|---|---|---|---|
| 1. | Share Capital | ||
| Authorised Capital | |||
| 4,50,000 Equity Shares of ₹10 each | 45,00,000 | ||
| Issued Capital | |||
| 2,50,000 Equity Shares of ₹10 each | 25,00,000 | ||
| Subscribed Capital | |||
| Subscribed and fully paid-up | |||
| 2,50,000 Equity Shares of ₹10 each | 25,00,000 | ||
| Subscribed but not fully paid-up | Nil | ||
| 25,00,000 |
Notes to Accounts as at 31st March, 2024
| Note No. | Particulars | 31.03.2024 (₹) | |
|---|---|---|---|
| 1. | Share Capital | ||
| Authorised Capital | |||
| 4,50,000 Equity Shares of ₹10 each | 45,00,000 | ||
| Issued Capital | |||
| 3,00,000 Equity Shares of ₹10 each | 30,00,000 | ||
| Subscribed Capital | |||
| Subscribed and fully paid-up | |||
| 2,90,000 Equity Shares of ₹10 each | 29,00,000 | ||
| Subscribed but not fully paid-up | |||
| 10,000 Equity Shares of ₹10 each fully called-up |
1,00,000 | ||
| Less Calls-in-Arrears | |||
| 10,000 Equity Shares @ ₹2 per share | 20,000 | 80,000 | |
| 29,80,000 |
Answer the following questions:
1. Equity share capital issued during the year 2023-24 amounted to:
(A) | ₹2,10,000 | (B) | ₹4,90,000 |
(C) | ₹5,50,000 | (D) | ₹5,50,000 |
2. The number of shares on which the amount called-up was not received were:
(A) | 10,000 | (B) | 40,000 |
(C) | 50,000 | (D) | 1,50,000 |
3. On 1st April, 2024, Sankalp Ltd. forfeited all the shares on which the called-up amount was not received. Share Capital Account will be debited with:
(A) | ₹20,000 | (B) | ₹80,000 |
(C) | ₹1,00,000 | (D) | ₹1,20,000 |
4. On forfeiture of shares, the amount credited to Share Forfeiture Account will be
(A) | ₹20,000 | (B) | ₹80,000 |
(C) | ₹1,00,000 | (D) | ₹1,20,000 |
5. If all the forfeited shares are reissued at ₹9 per share fully paid-up, the amount credited to Capital Reserve will be:
(A) | ₹20,000 | (B) | ₹80,000 |
(C) | ₹1,00,000 | (D) | ₹70,000 |
(vi) If the forfeited shares are reissued at a minimum reissue price, the amount credited to Capital Reserve A/c will be:
(A) | Nil | (B) | ₹20,000 |
(C) | ₹80,000 | (D) | ₹1,00,000 |
Marks-6, CBSE: 2024-25/Zone-4/Set-1/Q-24
Answer :
