Bright Motors Ltd. was registered with an authorised capital of 10,00,00,000 divided into equity shares of 100 each. The company issued 3,00,000…

Bright Motors Ltd. was registered with an authorised capital of $\displaystyle 10,00,00,000$ divided into equity shares of $\displaystyle 100$ each. The company issued $\displaystyle 3,00,000$ shares to the public for subscription. The amount was payable as follows : On application $\displaystyle 30$ per share On allotment $\displaystyle 50$ per share On first and final call balance All the shares were fully subscribed. All amounts were duly received except from Raman, a holder of $\displaystyle 500$ shares, who failed to pay the first and final call. Answer the following questions : (i) Total number of shares into which the authorised share capital of the company is divided, is : (A) $\displaystyle 10,00,00,000$ (B) $\displaystyle 1,00,00,000$ (C) $\displaystyle 10,00,000$ (D) $\displaystyle 3,00,000$ (ii) Amount of ' Subscribed and fully paid- up capital' of Bright Motors Ltd. will be : (A) $\displaystyle 2,99,50,000$ (B) ₹ $\displaystyle 3,00,00,000$ (C) ₹ $\displaystyle 10,00,00,000$ (D) ₹ $\displaystyle 2,99,90,000$ (iii) Amount of ' Subscribed but not fully paid- up capital' of Bright Motors Ltd. will be : (A) ₹ $\displaystyle 2,99,90,000$ (B) ₹ $\displaystyle 2,99,50,000$ (C) ₹ $\displaystyle 3,00,00,000$ (D) ₹ $\displaystyle 40,000$ (iv) Amount of 'Share Capital' to be presented in the Balance Sheet of Bright Motors Ltd. will be : (A) ₹ $\displaystyle 3,00,00,000$ (B) ₹ $\displaystyle 2,99,50,000$ (C) ₹ $\displaystyle 2,99,90,000$ (D) ₹ $\displaystyle 10,00,00,000$ (v) If the defaulting $\displaystyle 500$ shares are forfeited, 'Share Forfeiture Account' will be shown in the 'Notes to Accounts' at : (A) ₹ $\displaystyle 10,000$ (B) ₹ $\displaystyle 40,000$ (C) $\displaystyle 50,000$ (D) ₹ $\displaystyle 5,000$ (vi) If all the forfeited shares are reissued @ $\displaystyle 90$ per share fully paid-up, the amount credited to Capital Reserve Account will be : (A) ₹ $\displaystyle 35,000$ (B) ₹ $\displaystyle 40,000$ (C) ₹ $\displaystyle 10,000$ (D) $\displaystyle 50,000$