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 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:- Amount of share capital is ________.
Option 1: Rs. 10,00,000
Option 2: Rs. 6,77,000
Option 3: Rs. 6,76,000
Option 4: None of these
Correct Answer: Rs. 6,77,000
Solution : Answer = Rs. 6,77,000
BALANCE SHEET (EXTRACT) as at...
|
Particulars |
Note No. |
Rs. |
|
1. EQUITY AND LIABILITIES |
||
|
Shareholders' Funds |
||
|
Share Capital |
1 |
6,77,000 |
- Note to Accounts
|
1. Share Capital Authorised Capital |
Rs. |
|
1,00,000 Equity Shares of Rs. 10 each Issued Capital |
10,00,000 |
90,000 Equity Shares of Rs. 10 each
Subscribed Capital Subscribed but not Fully Paid-up
9,00,000
84,500 Equity Shares of Rs. 10 each; Rs. 8 called-up
6,76,000
Less: Calls-in-Arrears (1,000 x Rs. 2)
2,000
6,74,000
Add: Forfeited Shares A/c (500 x Rs. 6) (WN)
3,000
6,77,000
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