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
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
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
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
‘Share Forfeiture Account’ will be shown in Notes to Accounts under:
It is related to forfeited subscribed shares, so:
Answer: (C) Subscribed Capital
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
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 |
Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2024 was as follows :
Balance Sheet (Before Dev's Admission)
Liabilities | Amount (₹) | Assets | Amount (₹) |
---|---|---|---|
Capital: Aryan | 3,20,000 | Machinery | 3,90,000 |
Capital: Adya | 2,40,000 | Furniture | 80,000 |
Workmen’s Compensation Reserve | 20,000 | Debtors | 90,000 |
Bank Loan | 60,000 | Less: Provision for Doubtful Debts | (1,000) |
Creditors | 48,000 | Net Debtors | 89,000 |
Stock | 77,000 | ||
Cash | 32,000 | ||
Profit and Loss A/c | 20,000 | ||
Total | ₹6,88,000 | Total | ₹6,88,000 |