Question : Willow Ltd. was registered with an authorised capital of Rs. 10,00,000 divided into 1,00,000 equity shares of Rs. 10 each. The company offered 80,000 shares for subscription to the public, out of which 75,000 shares were subscribed. All amounts were received except the final call of Rs. 2 per share on 3,000 shares. Fill in the missing figures in the Balance Sheet of Willow Ltd. as per the provisions of Schedule III, Part I of the Companies Act, 2013.
BALANCE SHEET as at 31st March, 2018 (An extract)
Particulars |
Note No. |
Rs. |
I. EQUITY AND LIABILITIES 1, Shareholders'Funds Share Capital |
1 |
? |
? |
Note to Accounts
Particulars |
? |
|
1. Share Capital |
||
Authorised Capital 7 |
? |
|
Issued Capital 7 |
? |
|
Subscribed Capital Subscribed and fully paid-up ? shares of Rs. 10 each |
? |
|
Subscribed but not fully paid-up ? shares of Rs. 10 each |
? |
|
Less: ? |
? |
? |
? |
Question:- Issued capital of the company is ______.
Option 1: Rs.10,00,000
Option 2: Rs.11,00,000
Option 3: Rs.9,00,000
Option 4: Rs.8,00,000
Correct Answer: Rs.8,00,000
Solution : Answer = Rs.8,00,000
BALANCE SHEET as of 31st March, 2018 (An extract)
Particulars |
Note No. |
||||
1. EQUITY AND LIABILITIES |
|||||
Shareholders'Funds |
|||||
Share Capital |
1 |
7,44,000 |
|||
Note to Accounts |
|||||
Particulars |
Rs. |
||||
1. Share Capital Authorised Capital |
|||||
1,00,000 Equity Shares of Rs. 10 each |
Issued Capital
10,00,000
80.000 Equity Shares of Rs. 10 each
Subscribed Capital
Subscribed and fully paid up
72.000 Equity Shares of Rs. 10 each
Subscribed but not fully paid up
8,00,000
7,20,000
3,000 Equity Shares of Rs. 10 each
Less: Calls-in-Arrears (3,000 x Rs. 2)
30,000
6,000
24,000
Hence, the correct option is 4.