✓ Board-verified
Accountancy · 2023 · 4 marks
CBSE 2023 · Region 1 · Set 3 · Q21
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
Amount
Particulars
(`)
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 $\displaystyle 8$) $\displaystyle 12,000$
$\displaystyle 7,77,000$
More from Accounting for Share Capital
- Zinki Limited forfeited a share of ₹ 100 issued at a premium of 20% for non - payment of first call of ₹ 30…2023
- A portion of the called-up capital which has been actually received from the shareholders is termed as:2023
- Reserve capital is that portion of the capital that can be called only in the event of winding up of the…2026
- Mayank Ltd. invited applications for issuing 70,000 equity shares of f 100 each. The amount was payable as…2025
- Lotus Ltd. invited applications for issuing 80,000 equity shares of ₹ 10 each at a premium of ₹ 4 per share.…2023
- If a share of ₹ 100 on which ₹ 70 has been paid is forfeited, then at which minimum price can it be…2024
- Ajanta Ltd. invited applications for issuing 30,000 equity shares of T 10 each at a premium of 5 per share.…2026
- Vishant Ltd. invited applications for issuing 6,000 equity shares of ₹ 10 each at 10% premium. The issue was…2024
CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.