Question

The amount of ‘Calls in Arrears’ disclosed in ‘Notes to Accounts’ will be :

• A. 4,000
• B. 16,000
• C. Nil
• D. 20,000
• A. 98,000
• B. 88,000
• C. 82,000
• D. 80,000
• A. 16,000
• B. 4,000
• C. 20,000
• D. Nil
• A. 10,00,000
• B. 9,00,000
• C. 8,20,000
• D. 8,00,000
• A. Authorised Capital
• B. Issued Capital
• C. Subscribed Capital
• D. Will not be shown in Notes to Accounts
• A. 8,00,000
• B. 8,16,000
• C. 9,16,000
• D. 7,90,000

Answer 1

The Correct Option is A

The amount of ‘Calls in Arrears’ disclosed in ‘Notes to Accounts’:
Atishay did not pay the final call of ₹2 per share on 2,000 shares.

Calculation:
Calls in Arrears = 2,000 shares × ₹2 = ₹4,000
Answer: (A) ₹4,000

Answer 2

Number of shares of PL Ltd. after forfeiture:
Total shares allotted = 82,000
Shares forfeited (Atishay’s 2,000 shares) are no longer part of subscribed capital.

Calculation:
82,000 − 2,000 = 80,000 shares
Answer: (D) 80,000

Answer 3

Amount disclosed under ‘Share Forfeiture Account’:
Atishay paid all money except final call of ₹2 per share. Hence, ₹8 per share was paid.

Calculation:
Share Forfeiture = 2,000 × ₹8 = ₹16,000
However, this is the total amount paid. But since only paid-up amount (excluding unpaid ₹4,000) is forfeited:
Forfeited amount = ₹4,000 (This is what will be shown in the Share Forfeiture Account)
Answer: (B) ₹4,000

Answer 4

Amount under ‘Issued Capital’ in Notes to Accounts:
PL Ltd. offered = 90,000 shares of ₹10 each
Issued Capital = 90,000 × ₹10 = ₹9,00,000
Answer: (B) ₹9,00,000

Answer 5

‘Share Forfeiture Account’ will be shown in Notes to Accounts under:
It is related to forfeited subscribed shares, so:
Answer: (C) Subscribed Capital

Answer 6

Share Capital in balance sheet of PL Ltd. will be:
After forfeiture, shares left = 80,000
Paid-up value = ₹10 per share (but Atishay’s shares unpaid ₹2 were not received)
Total amount received from 80,000 fully paid-up shares = 80,000 × ₹10 = ₹8,00,000
Answer: (A) ₹8,00,000