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Accountancy · 2023 · 4 marks
CBSE 2023 · Region 3 · Set 3 · Q22
On 1st April, 2021, Vishwas Ltd. was formed with an authorised capital of ₹ 10,00,000 divided into 1,00,000 equity shares of ₹ 10 each. The company…
On 1st April, $\displaystyle 2021$, Vishwas Ltd. was formed with an authorised capital of ₹ $\displaystyle 10,00,000$ divided into $\displaystyle 1,00,000$ equity shares of ₹ $\displaystyle 10$ each. The company issued a prospectus inviting applications for $\displaystyle 90,000$ equity shares. The company received applications for $\displaystyle 85,000$ equity shares. Shyam, holding $\displaystyle 3,000$ shares, did not pay the first and final call of ₹ $\displaystyle 2$ per share. His shares were forfeited. Present the 'Share Capital' in the Balance Sheet of the Company as per Schedule III, Part I of the Companies Act, 2013. Also prepare 'Notes to Accounts' for the same.
Marking-scheme solution
VISHWAS LTD.
BALANCE SHEET
As at…
Particulars Note Amount
No.
₹
I Equity and Liabilities
1. Shareholders Funds
(a)
Share Capital $\displaystyle 1$ $\displaystyle 8,44,000$
Notes to Accounts:
Particulars Amount
₹
1. Share capital
Authorised Capital
$\displaystyle 1,00,000$ equity shares of ₹$\displaystyle 10$ each $\displaystyle 10,00,000$
Issued Capital
$\displaystyle 90,000$ equity shares of ₹$\displaystyle 10$ each $\displaystyle 9,00,000$
Subscribed Capital
Subscribed & fully paid up
$\displaystyle 82,000$ shares of ₹$\displaystyle 10$ each $\displaystyle 8,20,000$
Add:Share Forfeiture $\displaystyle 24,000$
$\displaystyle 8,44,000$
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CBSE Class 12 Accountancy past-paper question from the 2023 board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.