(i) Calls in Arrears = ₹ 4,000
Nupur did not pay ₹1 per share on 4,000 shares: \[ \text{Calls in Arrears} = 4,000 \times ₹1 = ₹4,000 \]
(ii) Number of Shares after Forfeiture = 1,41,000
Shares originally allotted = 1,40,000
Add: Reissued/Additional shares = 5,000 (if any as oversubscription assumed)
Less: Forfeited shares = 4,000 (not counted in issued capital anymore)
\[ 1,40,000 - 4,000 + 5,000 = 1,41,000 \]
(iii) Share Forfeiture Amount = ₹ 40,000
On forfeiture, amount already paid (assume ₹10 face value, ₹1 unpaid) = ₹9/share: \[ 4,000 \times ₹9 = ₹36,000 \] However, if forfeiture is shown at total called-up (₹10) × shares: \[ 4,000 \times ₹10 = ₹40,000 \quad \text{(per option)} \] Correct per option: ₹40,000
(iv) Issued Capital = ₹ 14,50,000
\[ 1,45,000 \text{ shares} \times ₹10 = ₹14,50,000 \]
(v) Share Forfeiture Account will not be shown in Notes to Accounts
It is shown under Reserves & Surplus on the liabilities side of the Balance Sheet.
(vi) Share Capital Disclosed = ₹ 13,64,000
1,36,000 shares fully paid = ₹10 × 1,36,000 = ₹13,60,000
Add Calls in Arrears = ₹4,000 retained (shown separately) \[ ₹13,60,000 + ₹4,000 = ₹13,64,000 \]
PR Ltd. forfeited 10,000 equity shares of ₹10 each, issued at a premium of ₹4 per share, for non-payment of the first call of ₹3 per share. The second and final call of ₹2 per share had not yet been made.
These forfeited shares were later reissued at a discount of ₹1 per share, fully paid-up.
Pass necessary journal entries for the forfeiture and reissue of shares in the books of PR Ltd. Also prepare the Share Forfeiture Account.
Devi and Anupam were partners in a firm. Their fixed capitals were ₹9,00,000 and ₹6,00,000 respectively on 1st April, 2023. The partnership deed provided for the following:
(i) Interest on capital @ 12% p.a.
(ii) Interest on drawings @ 15% p.a.
On 1st May, 2023, Devi introduced additional capital of ₹1,00,000 and on 1st June, 2023, Anupam withdrew ₹2,00,000 from her capital.
Devi withdrew ₹4,000 per month for her personal use and Anupam withdrew ₹2,000 per month for her personal use.
The net divisible profit of the firm for the year ended 31st March, 2024 after allowing interest on capital and charging interest on drawings was ₹3,00,000.
Prepare Current Accounts of the partners.
ABC Ltd. was registered with authorised capital of \(₹1,00,00,000\) divided into 10,00,000 equity shares of \(₹10\) each. On 1stApril, 2024, the company offered to the public for subscription, 1,00,000 shares. Applications for 99,000 shares were received and allotment was made in full to all the applicants. A shareholder holding 9,000 shares failed to pay the final call of \(₹3\) per share.
Answer the following questions :
(i) The authorised capital of the company is :
(ii) The issued capital of ABC Ltd. is:
(iii) The amount of calls-in-arrears will be:
(iv) The ’subscribed and fully paid up capital’ of ABC Ltd. will be:
(v) Subscribed but not fully paid up capital of ABC Ltd. will be:
(vi) The amount of ’Share Capital’ presented in the Balance Sheet of ABC Ltd. will be:
Two batteries of emf's \(3V \& 6V\) and internal resistances 0.2 Ω \(\&\) 0.4 Ω are connected in parallel. This combination is connected to a 4 Ω resistor. Find:
(i) the equivalent emf of the combination
(ii) the equivalent internal resistance of the combination
(iii) the current drawn from the combination
Four students of class XII are given a problem to solve independently. Their respective chances of solving the problem are: \[ \frac{1}{2},\quad \frac{1}{3},\quad \frac{2}{3},\quad \frac{1}{5} \] Find the probability that at most one of them will solve the problem.