Question : On 1st April, 2012, Vishwas Ltd. was formed with an authorised capital of Rs. 10,00,000 divided into 1,00,000 equity shares of Rs. 10 each. The company issued a prospectus inviting applications for 90,000 equity shares. The company received applications for 85,000 equity shares. During the first year, Rs. 8 per share were called. Ram holding 1,000 shares and Shyam holding 2,000 shares did not pay the first call of Rs. 2 per share. Shyam's shares were forfeited after the first call and later on 1,500 of the forfeited shares were reissued at Rs. 6 per share, Rs. 8 called-up.
Question:- The issued capital of the company is ______.
Option 1: Rs. 10,00,000
Option 2: Rs. 9,00,000
Option 3: Rs. 6,76,000
Option 4: None of the above
Correct Answer: Rs. 9,00,000
Solution : Answer = Rs. 9,00,000
According to Section 2(46) of the Companies Act, 2013, "issued share capital" means the amount of share capital issued by the company for the time being, whether in terms of the nominal value of the shares or by way of premium.
In the question, issued capital is Rs.9,00,000.
Hence, the correct option is 2.
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