CBSE 2025 · Region 4 · Set 1 · Q24

Following is the extract of the Balance Sheet of Sankalp Ltd. as per Schedule III, Part I of the Companies Act, $\displaystyle 2013$ as at 31st March, $\displaystyle 2024$ along with the notes to accounts : Balance Sheet of Sankalp Ltd. as at 31st March, $\displaystyle 2024$ (An extract) Note $\displaystyle 31.03.2024$ $\displaystyle 31.03.2023$ Particulars No. ( ) $\displaystyle 2$ ( ) ? I Equity and Liabilities : 1. Shareholders' Funds (a) Share Capital 1. $\displaystyle 29,80,000$ $\displaystyle 25,00,000$ Notes to Accounts as at 31st March, $\displaystyle 2023$ $\displaystyle 31.03.2023$ Note Particulars ( ) $\displaystyle 2$ No. 1. Share Capital Authorised Capital $\displaystyle 4,50,000$ Equity Shares of $\displaystyle 2$ $\displaystyle 10$ each $\displaystyle 45,00,000$ Issued Capital $\displaystyle 2,50,000$ Equity Shares of $\displaystyle 2$ $\displaystyle 10$ each $\displaystyle 25,00,000$ Subscribed Capital Subscribed and fully paid-up $\displaystyle 2,50,000$ Equity Shares of $\displaystyle 3$ $\displaystyle 10$ each $\displaystyle 25,00,000$ NIL Subscribed but not fully paid-up $\displaystyle 25,00,000$ Notes to Accounts as at 31st March, $\displaystyle 2024$ $\displaystyle 31.03.2024$ Note Particulars ( ) $\displaystyle 2$ No. 1. Share Capital Authorised Capital $\displaystyle 4,50,000$ Equity Shares of $\displaystyle 2$ $\displaystyle 10$ each $\displaystyle 45,00,000$ Issued Capital $\displaystyle 3,00,000$ Equity Shares of $\displaystyle 2$ $\displaystyle 10$ each $\displaystyle 30,00,000$ Subscribed Capital Subscribed and fully paid-up $\displaystyle 2,90,000$ Equity Shares of $\displaystyle 2$ $\displaystyle 10$ each $\displaystyle 29,00,000$ Subscribed but not fully paid-up $\displaystyle 10,000$ Equity Shares of $\displaystyle 3$ $\displaystyle 10$ each fully called-up $\displaystyle 1,00,000$ Less Calls-in-Arrears $\displaystyle 10,000$ Equity Shares @ $\displaystyle 2$ $\displaystyle 2$ per share $\displaystyle 20,000$ $\displaystyle 80,000$ $\displaystyle 29,80,000$ Answer the following questions : (i) Equity share capital issued during the year $\displaystyle 2023$ $\displaystyle 24$ amounted to : (A) ₹ $\displaystyle 2,10,000$ (B) ₹ $\displaystyle 4,90,000$ (C) ₹ $\displaystyle 5,00,000$ (D) ₹ $\displaystyle 5,50,000$ (ii) The number of shares on which the amount called-up was not received were : (A) $\displaystyle 10,000$ (B) $\displaystyle 40,000$ (C) $\displaystyle 50,000$ (D) $\displaystyle 1,50,000$ (iii) On 1st April, $\displaystyle 2024$, Sankalp Ltd. forfeited all the shares on which the called- up amount was not received. 'Share Capital Account' will be debited with : (A) ₹ $\displaystyle 20,000$ (B) ₹ $\displaystyle 80,000$ (C) ₹ $\displaystyle 1,00,000$ (D) ₹ $\displaystyle 1,20,000$ (iv) On forfeiture of shares, the amoun t credited to 'Share Forfeiture Account' will be : (A) ₹ $\displaystyle 20,000$ (B) ₹ $\displaystyle 80,000$ (C) ₹ $\displaystyle 1,00,000$ (D) ₹ $\displaystyle 1,20,000$ (v) If all the forfeited shares are reissued at $\displaystyle 2$ $\displaystyle 9$ per share fully paid- up, the amount credited to 'Capital Reserve' will be : (A) ₹ $\displaystyle 20,000$ (B) ₹ $\displaystyle 80,000$ (C) ₹ $\displaystyle 1,00,000$ (D) ₹ $\displaystyle 70,000$ (vi) If the forfeited shares are reissued at a minimum reissue price, the amount credited to 'Capital Reserve A/c' will be : (A) Nil (B) ₹ $\displaystyle 20,000$ (C) ₹ $\displaystyle 80,000$ (D) ₹ $\displaystyle 1,00,000$