CBSE 2025 · Region 2 · Set 1 · Q24

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31st March, $\displaystyle 2024$ along with Notes to accounts : Vikalp Ltd. Balance Sheet as at 31st March, $\displaystyle 2024$ $\displaystyle 31$-$\displaystyle 03$-$\displaystyle 2024$ $\displaystyle 31$-$\displaystyle 03$-$\displaystyle 2023$ Particulars Note No. (Q) ($\displaystyle 5$) I. Equity and Liabilities (l) Shareholders Funds (a) Share capital $\displaystyle 1$ $\displaystyle 59,60,000$ $\displaystyle 50,00,000$ 'Notes to accounts' as at 31st March, $\displaystyle 2023$ : Note Particulars $\displaystyle 31$-$\displaystyle 3$-$\displaystyle 2023$ No. ($\displaystyle 1$) 1. Share Capital : Authorised capital $\displaystyle 9,00,000$ equity shares of ? l() each $\displaystyle 90,00,000$ Issued capital : $\displaystyle 5,00,000$ equity shares of ? l() each $\displaystyle 50,00,000$ Subscribed capital : Subscribed and fully paid up $\displaystyle 5,00,000$ equity shares of ₹ $\displaystyle 10$ each $\displaystyle 50,00,000$ Subscribed but not fully paid up Nil $\displaystyle 50,00,000$ 'Notes to accounts' as at 31st March, $\displaystyle 2024$ : Note Particulars $\displaystyle 31$-$\displaystyle 3$-$\displaystyle 2024$ No. (?) 1. Share Capital : Authorised capital $\displaystyle 9,00,000$ equity shares of ₹ $\displaystyle 10$ each $\displaystyle 90,00,000$ Issued capital : $\displaystyle 6,00,000$ equity shares of ₹ $\displaystyle 10$ each $\displaystyle 60,00,000$ Subscribed capital : Subscribed and fully paid up $\displaystyle 5,80,000$ equity shares of ₹ $\displaystyle 10$ each $\displaystyle 58,00,000$ Subscribed but not fully paid up $\displaystyle 20,000$ equity shares of ₹ $\displaystyle 10$ each, fully called up 2., $\displaystyle 00,000$ Less : calls in arrears $\displaystyle 20,000$ equity shares @ ₹ $\displaystyle 2$ per share $\displaystyle 40,000$ $\displaystyle 1,60,000$ $\displaystyle 59,60,000$ Answer the following questions : (i) The total face value of equity shares issued during the year $\displaystyle 2023$-$\displaystyle 2024$ was (A) ₹ $\displaystyle 10,00,000$ (B) ₹ $\displaystyle 9,80,000$ (C) ₹ $\displaystyle 4,20,000$ (D) ₹ $\displaystyle 11,00,000$ (ii) The number of shares on which the called up amount was not received were : (A) $\displaystyle 1,00,000$ (B) $\displaystyle 80,000$ (C) $\displaystyle 3,00,000$ (D) $\displaystyle 20,000$ (iii) On 1st April, $\displaystyle 2024$ Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, 'Share Capital Account' will be debited by : (A) ₹ $\displaystyle 1,60,000$ (B) ₹ $\displaystyle 40,000$ (C) ₹ $\displaystyle 2,00,000$ (D) ₹ $\displaystyle 2,40,000$ (iv) On forfeiture, 'Share Forfeiture Account' will be credited with : (A) ₹ $\displaystyle 1,60,000$ (B) ₹ $\displaystyle 40,000$ (C) ₹ $\displaystyle 2,00,000$ (D) ₹ $\displaystyle 2,40,000$ (V) If all the forfeited shares are reissued at ₹ $\displaystyle 8$ per share fully paid up, the amount credited to 'Capital Reserve A/c' will be : (A) ₹ $\displaystyle 40,000$ (B) ₹ $\displaystyle 1,60,000$ (C) ₹ $\displaystyle 2,00,000$ (D) ₹ $\displaystyle 1,20,000$ (vi) If the forfeited shares are reissued at the minimum permissible price, the amount credited to 'Capital Reserve Account' will be : (A) ₹ $\displaystyle 2,00,000$ (B) ₹ $\displaystyle 1,60,000$ (C) ₹ $\displaystyle 40,000$ (D) NIL