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Accountancy · 2023 · 4 marks
CBSE 2023 · Region 1 · Set 3 · Q21
Tanay Ltd. has an authorised capital of ₹ 40,00,000 divided into equity shares of ₹ 10 each. The company invited applications for issuing 80,000…
Tanay Ltd. has an authorised capital of ₹ $\displaystyle 40,00,000$ divided into equity shares of ₹ $\displaystyle 10$ each. The company invited applications for issuing $\displaystyle 80,000$ shares. Applications for $\displaystyle 78,000$ shares were received. All calls were made and duly received except the first and final call of ₹ $\displaystyle 2$ per share on $\displaystyle 1,500$ shares. These shares were forfeited. (a) Present the 'Share Capital' in the Balance Sheet of the co mpany as per Schedule III, Part I of the Companies Act, 2013. (b) Also prepare 'Notes to Account s ' for the same.
Marking-scheme solution
Tanay Ltd.
Balance Sheet (extract) as at ………
Particulars Note Amount
No. (₹)
I. EQUITY AND LIABILITIES
1. Shareholders' funds
$\displaystyle 1$ $\displaystyle 7,77,000$
(a)
Share Capital
Note to Accounts
Particulars Amount
(₹)
1. Share Capital
Authorised Capital
$\displaystyle 4,00,000$ equity shares of ₹$\displaystyle 10$ each $\displaystyle 40,00,000$
Issued Capital
$\displaystyle 80,000$ equity shares of ₹$\displaystyle 10$ each
$\displaystyle 8,00,000$
Subscribed Capital
Subscribed and fully paid-up
$\displaystyle 76,500$ equity shares of ₹$\displaystyle 10$ each $\displaystyle 7,65,000$
Add: Forfeited shares ($\displaystyle 1,500$ x $\displaystyle 8$) $\displaystyle 12,000$
$\displaystyle 7,77,000$
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