Accounting for Share Capital — Class 12 Accountancy PYQs

Ajay Ltd. forfeited 100 shares of ₹ 10 each for non-payment of first call of ₹ 1 per share and second and final call of ₹ 3 per share. The minimum price per share at which these shares can be reissued will be :
(A) ₹ 6
(B) ₹ 4
(C) ₹ 10
(D) ₹ 16

Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as :
(A) Sweat equity
(B) Incorporation cost
(C) Private placement of shares
(D) Employee stock option plan

Money received in advance from the shareholders before it is actually called up by the directors is :
(A) credited to calls in advance account.
(B) debited to calls in advance account.
(C) credited to calls account.
(D) debited to calls in arrears account.

4,000 shares of ₹ 10 each were forfeited for non-payment of second and final call money of ₹ 2 per share. The minimum amount that the company must collect at the time of reissue of these shares will be :
(A) ₹ 8,000
(B) ₹ 32,000
(C) ₹ 40,000
(D) ₹ 48,000

PL Ltd. was registered with an authorised capital of ₹ 10,00,000 divided into 1,00,000 equity shares of ₹ 10 each. The company offered to the public for subscription 90,000 equity shares.
Applications were received for 82,000 equity shares and shares were allotted to all the applicants. All money due was received with the exception of first and final call money of ₹ 2 per share on 2,000 shares allotted to Atishay. His shares were forfeited.
(i) The amount of 'Calls in Arrears' disclosed in 'Notes to Accounts' will be :
(A) ₹ 4,000 (B) ₹ 16,000 (C) Nil (D) ₹ 20,000
(ii) The number of shares of PL Ltd. after forfeiture will be :
(A) 98,000 (B) 88,000 (C) 82,000 (D) 80,000
(iii) In the 'Notes to Accounts', the amount disclosed under 'Share Forfeiture Account' will be :
(A) ₹ 16,000 (B) ₹ 4,000 (C) ₹ 20,000 (D) Nil
(iv) In the 'Notes to Accounts', the amount disclosed under 'Issued Capital' will be :
(A) ₹ 10,00,000 (B) ₹ 9,00,000 (C) ₹ 8,20,000 (D) ₹ 8,00,000
(v) Balance in 'Share Forfeiture Account' will be shown in 'Notes to Accounts' in the balance sheet of PL Ltd. under :
(A) Authorised capital (B) Issued capital (C) Subscribed capital (D) Will not be shown in 'Notes to Accounts'
(vi) The amount of 'Share Capital' disclosed in the balance sheet of PL Ltd. will be :
(A) ₹ 8,00,000 (B) ₹ 8,16,000 (C) ₹ 9,16,000 (D) ₹ 7,90,000

LK Ltd. was registered with an authorised capital of ₹ 15,00,000 divided into 1,50,000 equity shares of ₹ 10 each. The company offered to the public for subscription 1,45,000 equity shares. Applications were received for 1,40,000 equity shares and shares were allotted to all the applicants. All money due was received with the exception of first and final call money of ₹ 1 per share on 4,000 shares allotted to Nupur. Her shares were forfeited.
(i) The amount of 'Calls in Arrears' disclosed in 'Notes to Accounts' will be :
(A) ₹ 1,40,000 (B) ₹ 36,000 (C) ₹ 4,000 (D) Nil
(ii) The number of shares of LK Ltd. after forfeiture will be :
(A) 1,46,000 (B) 1,36,000 (C) 1,41,000 (D) 1,40,000
(iii) In the 'Notes to Accounts', the amount disclosed under 'Share Forfeiture Account' will be :
(A) ₹ 4,000 (B) ₹ 36,000 (C) ₹ 40,000 (D) Nil
(iv) In the 'Notes to Accounts', the amount disclosed under 'Issued Capital' will be :
(A) ₹ 14,00,000 (B) ₹ 14,50,000 (C) ₹ 15,00,000 (D) ₹ 13,60,000
(v) Balance in 'Share Forfeiture Account' will be shown in 'Notes to Accounts' in the balance sheet of LK Ltd. under :
(A) Subscribed capital (B) Will not be shown in 'Notes to Accounts' (C) Issued capital (D) Authorised capital
(vi) The amount of 'Share Capital' disclosed in the balance sheet of LK Ltd. will be :
(A) ₹ 13,56,000 (B) ₹ 13,64,000 (C) ₹ 13,96,000 (D) ₹ 14,00,000

MK Ltd. was registered with an authorised capital of ₹ 9,00,000 divided into 90,000 equity shares of ₹ 10 each. The company offered to the public for subscription 80,000 equity shares. Applications were received for 78,000 equity shares and shares were allotted to all the applicants. All money due was received with the exception of first and final call money of ₹ 3 per share on 1,000 shares allotted to Manisha. Her shares were forfeited.
(i) The amount of 'Calls in Arrears' disclosed in 'Notes to Accounts' will be :
(A) Nil (B) ₹ 2,34,000 (C) ₹ 7,000 (D) ₹ 3,000
(ii) The number of shares of MK Ltd. after forfeiture will be :
(A) 78,000 (B) 89,000 (C) 79,000 (D) 77,000
(iii) In the 'Notes to Accounts', the amount disclosed under 'Share Forfeiture Account' will be :
(A) Nil (B) ₹ 7,000 (C) ₹ 3,000 (D) ₹ 10,000
(iv) In the 'Notes to Accounts', the amount disclosed under 'Issued Capital' will be :
(A) ₹ 9,00,000 (B) ₹ 7,80,000 (C) ₹ 8,00,000 (D) ₹ 7,70,000
(v) Balance in 'Share Forfeiture Account' will be shown in 'Notes to Accounts' in the Balance Sheet of MK Ltd. under :
(A) Will not be shown in 'Notes to Accounts' (B) Issued capital (C) Authorised capital (D) Subscribed capital
(vi) The amount of 'Share Capital' disclosed in the Balance Sheet of MK Ltd. will be :
(A) ₹ 7,80,000 (B) ₹ 7,73,000 (C) ₹ 7,77,000 (D) ₹ 7,87,000

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31st March, 2024 along with Notes to accounts :

Vikalp Ltd.
Balance Sheet as at 31st March, 2024 (Extract)

Particulars	Note No.	31-03-2024 (₹)	31-03-2023 (₹)
I. Equity and Liabilities
(1) Shareholders' Funds
(a) Share Capital	1	59,60,000	50,00,000

Notes to Accounts as at 31st March, 2023

Note No. 1 : Share Capital

Particulars	Amount (₹)
Authorised Capital
9,00,000 Equity Shares of ₹ 10 each	90,00,000
Issued Capital
5,00,000 Equity Shares of ₹ 10 each	50,00,000
Subscribed Capital
Subscribed and Fully Paid Up : 5,00,000 Equity Shares of ₹ 10 each	50,00,000

Notes to Accounts as at 31st March, 2024

Note No. 1 : Share Capital

Particulars	₹	₹
Authorised Capital
9,00,000 Equity Shares of ₹ 10 each		90,00,000
Issued Capital
6,00,000 Equity Shares of ₹ 10 each		60,00,000
Subscribed Capital
Subscribed and Fully Paid Up : 5,80,000 Equity Shares of ₹ 10 each		58,00,000
Subscribed but Not Fully Paid Up :
20,000 Equity Shares of ₹ 10 each, fully called up	2,00,000
Less: Calls in Arrears (20,000 shares @ ₹ 2 per share)	(40,000)	1,60,000
Total		59,60,000

(i) The total face value of equity shares issued during the year 2023-2024 was :
(A) ₹ 10,00,000
(B) ₹ 9,80,000
(C) ₹ 4,20,000
(D) ₹ 11,00,000

(ii) The number of shares on which the called up amount was not received were :
(A) 1,00,000
(B) 80,000
(C) 3,00,000
(D) 20,000

(iii) On 1st April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, 'Share Capital Account' will be debited by :
(A) ₹ 1,60,000
(B) ₹ 40,000
(C) ₹ 2,00,000
(D) ₹ 2,40,000

(iv) On forfeiture, 'Share Forfeiture Account' will be credited with :
(A) ₹ 1,60,000
(B) ₹ 40,000
(C) ₹ 2,00,000
(D) ₹ 2,40,000

(v) If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to 'Capital Reserve A/c' will be :
(A) ₹ 40,000
(B) ₹ 1,60,000
(C) ₹ 2,00,000
(D) ₹ 1,20,000

(vi) If the forfeited shares are reissued at the minimum permissible price, the amount credited to 'Capital Reserve Account' will be :
(A) ₹ 2,00,000
(B) ₹ 1,60,000
(C) ₹ 40,000
(D) NIL

Alfa Ltd. invited applications for 50,000 equity shares of ₹ 10 each at a premium of 30%. The whole amount was payable on application. Applications were received for 2,50,000 shares. The company decided to allot the shares on a pro-rata basis to all the applicants. The amount refunded by the company was :
(A) ₹ 32,50,000
(B) ₹ 15,60,000
(C) ₹ 39,00,000
(D) ₹ 26,00,000