The amount of ‘Calls in Arrears’ disclosed in ‘Notes to Accounts’ will be :
- 4,000
- 16,000
- Nil
- 20,000
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
Number of shares of PL Ltd. after forfeiture will be :
- 98,000
- 88,000
- 82,000
- 80,000
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
Amount disclosed under ‘Share Forfeiture Account’ will be
- 16,000
- 4,000
- 20,000
- Nil
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
Amount under ‘Issued Capital’ in Notes to Accounts will be :
- 10,00,000
- 9,00,000
- 8,20,000
- 8,00,000
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
‘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
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
Share Capital in balance sheet of PL Ltd. will be :
- 8,00,000
- 8,16,000
- 9,16,000
- 7,90,000
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
Top Questions on Accounting for Share Capital
- 4,000 shares of ₹ 10 each were forfeited for non-payment of second and final call money of ₹ 2 per share. The minimum amount that the company must collect at the time of reissue of these shares will be :
- CBSE CLASS XII - 2025
- Accountancy
- Accounting for Share Capital
- Altima Ltd. invited applications for 2,00,000 equity shares of ₹ 10 at a premium of ₹ 4 per share. Amount payable:
On application and allotment – ₹ 7 (incl. ₹ 1 premium)
On first and final call – Balance.
Applications received for 2,40,000 shares. 30,000 rejected. Manvi allotted 4,000 shares failed to pay first and final call. Her shares were forfeited. These were reissued at ₹ 4 per share fully paid-up.
Pass journal entries in the books of Altima Ltd.- CBSE CLASS XII - 2025
- Accountancy
- Accounting for Share Capital
- Radhika Ltd. invited applications for issuing 40,000 equity shares of ₹ 100 each at a premium of ₹ 50 per share. The amount was payable as follows:
On Application and Allotment – ₹ 40 per share (including ₹ 10 premium)
On First call – ₹ 45 per share (including ₹ 5 premium)
On Second and final call – Balance
Applications for 39,000 shares were received. Allotment was made in full to all the applicants. Dinu, to whom 100 shares were allotted, failed to pay the first call money. His shares were immediately forfeited. The forfeited shares were re-issued thereafter at ₹ 70 per share fully paid up. The second and final call was not yet made. Pass necessary journal entries for the above transactions in the books of Radhika Ltd.- CBSE CLASS XII - 2025
- Accountancy
- Accounting for Share Capital
- VL Ltd. offered for public subscription 90,000 equity shares of ₹ 10 each at a premium of 10%. The entire amount was payable on application. Applications were received for 1,00,000 shares and allotment was made to all the applicants on pro-rata basis. The amount received on application was___.
- CBSE CLASS XII - 2025
- Accountancy
- Accounting for Share Capital
- Centurian Ltd. invited applications for issuing 2,00,000 equity shares of ₹ 10 each at a premium of ₹ 20 per share. The amount was payable as follows: On Application and Allotment – ₹ 20 per share (including premium ₹ 17 per share)
On First and Final call – ₹ 10 per share (including premium ₹ 3 per share)
Applications were received for 3,00,000 equity shares and allotment was made to the applicants as follows: (i) Applicants for 2,00,000 shares were allotted 1,50,000 shares.
(ii) Applicants for 1,00,000 shares were allotted 50,000 shares.
Excess money received on application and allotment was adjusted towards sums due on first and final call. Deepali, who had applied for 2,000 shares, failed to pay the first and final call money. Her shares were subsequently forfeited. Deepali belonged to Category (i).
Pass necessary journal entries for the above transactions in the Books of Centurian Ltd.
Open Calls-in-Arrears and Calls-in-Advance account, wherever necessary.- CBSE CLASS XII - 2025
- Accountancy
- Accounting for Share Capital
Questions Asked in CBSE CLASS XII exam
If vector \( \mathbf{a} = 3 \hat{i} + 2 \hat{j} - \hat{k} \) \text{ and } \( \mathbf{b} = \hat{i} - \hat{j} + \hat{k} \), then which of the following is correct?
- Find the value of $x$, if \[ \begin{bmatrix} 1 & 3 & 2 \\ 2 & 5 & 1 \\ 15 & 3 & 2 \end{bmatrix} \begin{bmatrix} 1 \\ x \\ 2 \end{bmatrix} = \begin{bmatrix} 0 \\ 0 \\ 0 \end{bmatrix} \]
- Two point charges of \( -5\,\mu C \) and \( 2\,\mu C \) are located in free space at \( (-4\,\text{cm}, 0) \) and \( (6\,\text{cm}, 0) \) respectively.
(a) Calculate the amount of work done to separate the two charges at infinite distance.
(b) If this system of charges was initially kept in an electric field \[ \vec{E} = \frac{A}{r^2}, \text{ where } A = 8 \times 10^4\, \text{N}\,\text{C}^{-1}\,\text{m}^2, \] calculate the electrostatic potential energy of the system.- CBSE CLASS XII - 2025
- Electrostatics
- If $y = a \cos(\log x) + b \sin(\log x)$, then $x^2y'' + xy'1$ is:
- CBSE CLASS XII - 2025
- Continuity and differentiability
A ladder of fixed length \( h \) is to be placed along the wall such that it is free to move along the height of the wall.
Based upon the above information, answer the following questions:(iii) (b) If the foot of the ladder, whose length is 5 m, is being pulled towards the wall such that the rate of decrease of distance \( y \) is \( 2 \, \text{m/s} \), then at what rate is the height on the wall \( x \) increasing when the foot of the ladder is 3 m away from the wall?
- CBSE CLASS XII - 2025
- Application of derivatives