X Ltd. issued 2,00,000 shares of 100 each payable as follows: On Application 30 per share; On Allotment 40 per share and on First and final call 30 per share. All money was duly subscribed and paid towards the nominal value of shares except on 9,000 shares who failed call money. These shares were forfeited, out of which 5,000 shares were re-issued at 80 per share as fully paid.
Q.37 What amount will be shown in the Balance Sheet of the company under the sub-head "Share Capital"!
(a) 1,96,00,000 (c) 2,00,00,000
(b) 1,97,20,000 (d)1, 97,70,000
Q.38 How much amount will be transferred to Capital Reserve Account? (a) 4,00,000 (c) 1,20,000 (b) 1.50,000
Answers
Cash (600+10500) 11100
TOTAL 69200 TOTAL 69Amount payable as ₹ 30 per share on application , ₹ 40 per share on allotment and ₹ 30 per share on first and final call . These shares were fully subscribed ...
200
"37. (c) 2,00,00,000"
"38. (a) 4,00,000"
Explanation :
Q.37 What amount will be shown in the Balance Sheet of the company under the sub-head "Share Capital"!
Ans:
Share Capital a/c dr 2,00,00,000
To Share Application a/c[2,00,000x30] 60,00,000
To Share Allotment a/c[2,00,000x40] 80,00,000
To Share First and Final Call a/c[1,91,000x30] 57,30,000
To Forfeiture Shares a/c[9000x30] 2,70,000
Q.38 How much amount will be transferred to Capital Reserve Account?
Ans:
Forfeiture Shares a/c[5000x80] dr 4,00,000
To Capital Reserve a/c 4,00,000