Balance of Share Forfeiture account is shown in the Balance Sheet under the item:-1.Current Liabilities and Provisions 2.Reserve and Surplus 3.Share Capital 4.Unsecured Loans

From the following information, calculate opening and closing inventory :

Gross Profit Ratio – 25%
Revenue from operations – ₹ 8,00,000
Inventory turnover ratio – 4 times
Opening inventory was 2 times of the closing inventory.

CBSE CLASS XII - 2025
Accountancy
Balance sheet statement

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:

Vikalp Ltd.

Balance Sheet as at $31^{\text {st }}$ March, 2024

Particulars	Note No.	$31-03-2024$ (₹)	$31-03-2023$ (₹)
I. Equity and Liabilities
(1) Shareholders Funds
(a) Share capital	1	59,60,000	50,00,000

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:

Note	Particulars	$31-3-2023$ (₹)
No.
1.	Share Capital :
	Authorised capital
	9,00,000 equity shares of ₹ 10 each	90,00,000
	Issued capital :
	5,00,000 equity shares of ₹ 10 each	50,00,000
	Subscribed capital :
	Subscribed and fully paid up
	5,00,000 equity shares of ₹ 10 each	50,00,000
	Subscribed but not fully paid up	Nil
	50,00,000

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:

Note	Particulars	$31-3-2024$ (₹)
No.
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
	59,60,000

The total face value of equity shares issued during the year 2023-2024 was :
The number of shares on which the called up amount was not received were :
On $1^{\text {st }}$ 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 :
On forfeiture, ‘Share Forfeiture Account’ will be credited with :
If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :

CBSE CLASS XII - 2025
Accountancy
Balance sheet statement

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Match List-I with List-II:

\[\begin{array}{|c|c|} \hline \text{List-I} & \text{List-II} \\ \hline \text{(A) Reserves and Surplus} & \text{(I) Share Options Outstanding Account} \\ \hline \text{(B) Non-current Liabilities} & \text{(II) Long-term provisions} \\ \hline \text{(C) Current Liabilities} & \text{(III) Short-term borrowing} \\ \hline \text{(D) Shareholder's Fund} & \text{(IV) Calls in arrear} \\ \hline \end{array}\]

Choose the correct answer from the options given below:

CUET (UG) - 2025
Accountancy
Balance sheet statement

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Correct sequence of Balance Sheet
A. Short term Loans and Advances
B. Deferred tax liability (Net)
C. Shareholders Fund
D. Capital (work in-progress)
E. Current Liabilities
Choose the correct Option:

CUET (UG) - 2025
Accountancy
Balance sheet statement

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Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the
Companies Act, 2013:

Work in progress
Securities premium
Creditors

CBSE CLASS XII - 2025
Accountancy
Balance sheet statement

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Balance of Share Forfeiture account is shown in the Balance Sheet under the item:-

The Correct Option is C

Solution and Explanation

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