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Accountancy · 2023 · 4 marks
CBSE 2023 · Region 4 · Set 1 · Q22
Sunstar Ltd. has an authorised capital of ₹ 20,00,000 divided into equity shares of ₹ 10 each. The company invited applications for issuing 60,000…
Sunstar Ltd. has an authorised capital of ₹ $\displaystyle 20,00,000$ divided into equity shares of ₹ $\displaystyle 10$ each. The company invited applications for issuing $\displaystyle 60,000$ shares. Applications were received for $\displaystyle 58,000$ shares. All calls were made and were duly received except the final call of ₹ $\displaystyle 3$ per share on $\displaystyle 2,000$ shares. These 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
Balance Sheet of Sunstar ltd. (An Extract)
as at -----
Particulars Note Amount ( )
no.
Equity and Liabilities
Shareholders’ Funds
Share Capital
$\displaystyle 1$ $\displaystyle 5,74,000$
Notes to Accounts :-
Particulars Amount ( )
1. Share Capital :
Authorised Capital
$\displaystyle 2,00,000$ shares @ $\displaystyle 10$ each $\displaystyle 20,00,000$
Issued capital
$\displaystyle 60,000$ Equity share @ $\displaystyle 10$ each $\displaystyle 6,00,000$
Subscribed Capital
Subscribed and fully paid up
$\displaystyle 56,000$ Shares of $\displaystyle 10$ each $\displaystyle 5,60,000$
Add: Share Forfeiture A/c $\displaystyle 14,000$
$\displaystyle 5,74,000$
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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.