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Accountancy · 2023 · 4 marks
CBSE 2023 · Region 1 · Set 2 · Q21
Madhur Ltd. has an authorised capital of ₹ 20,00,000 divided into equity shares of ₹ 10 each. The company invited applications for issuing 90,000…
Madhur Ltd. has an authorised capital of ₹ $\displaystyle 20,00,000$ divided into equity shares of ₹ $\displaystyle 10$ each. The company invited applications for issuing $\displaystyle 90,000$ shares. Applications for $\displaystyle 88,000$ shares were received. All calls were made and duly received except the first and final call of ₹ $\displaystyle 3$ per share on $\displaystyle 4,000$ shares. These shares were forfeited. (a) Present the 'Share Capital' in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. (b) Also prepare 'Notes to Account s for the same. '
Marking-scheme solution
Madhur Ltd.
Balance Sheet (extract) as at ………
Particulars Note Amount
No.
(₹)
I. EQUITY AND LIABILITIES
1. Shareholders' funds
$\displaystyle 1$ $\displaystyle 8,68,000$
(a)
Share Capital
Note to Accounts
Particulars Amount
(₹)
1. Share Capital
Authorised Capital
$\displaystyle 2,00,000$ equity shares of ₹$\displaystyle 10$ each $\displaystyle 20,00,000$
Issued Capital
$\displaystyle 90,000$ equity shares of ₹$\displaystyle 10$ each $\displaystyle 9,00,000$
Subscribed Capital
Subscribed and fully paid-up
$\displaystyle 84,000$ equity shares of ₹$\displaystyle 10$ each $\displaystyle 8,40,000$
Add: Forfeited shares ($\displaystyle 4,000$ x $\displaystyle 7$) $\displaystyle 28,000$
$\displaystyle 8,68,000$
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