Comprehension
PL Ltd. offered 90,000 equity shares of ₹ 10 each. Applications received = 82,000 shares. All money received except final call ₹ 2 per share on 2,000 shares allotted to Atishay. His shares were forfeited.
Question: 1

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

  • 4,000
  • 16,000
  • Nil
  • 20,000
Hide Solution
collegedunia
Verified By Collegedunia

The Correct Option is A

Solution and Explanation

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

Was this answer helpful?
0
0
Question: 2

Number of shares of PL Ltd. after forfeiture will be :

  • 98,000
  • 88,000
  • 82,000
  • 80,000
Hide Solution
collegedunia
Verified By Collegedunia

The Correct Option is D

Solution and Explanation

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

Was this answer helpful?
0
0
Question: 3

Amount disclosed under ‘Share Forfeiture Account’ will be

  • 16,000
  • 4,000
  • 20,000
  • Nil
Hide Solution
collegedunia
Verified By Collegedunia

The Correct Option is B

Solution and Explanation

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

Was this answer helpful?
0
0
Question: 4

Amount under ‘Issued Capital’ in Notes to Accounts will be :

  • 10,00,000
  • 9,00,000
  • 8,20,000
  • 8,00,000
Hide Solution
collegedunia
Verified By Collegedunia

The Correct Option is B

Solution and Explanation

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

Was this answer helpful?
0
0
Question: 5

‘Share Forfeiture Account’ will be shown in Notes to Accounts under :

  • Authorised Capital
  • Issued Capital
  • Subscribed Capital
  • Will not be shown in Notes to Accounts
Hide Solution
collegedunia
Verified By Collegedunia

The Correct Option is C

Solution and Explanation

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

Was this answer helpful?
0
0
Question: 6

Share Capital in balance sheet of PL Ltd. will be :

  • 8,00,000
  • 8,16,000
  • 9,16,000
  • 7,90,000
Hide Solution
collegedunia
Verified By Collegedunia

The Correct Option is A

Solution and Explanation

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

Was this answer helpful?
0
0

Top Questions on Accounting for Share Capital

View More Questions

Questions Asked in CBSE CLASS XII exam

View More Questions