Question

Balance Sheet (Extract) Of XYZEE ltd as at 31.03.2024 (as per schedule - III of Companies Act 2013)
	Note no.	31.03.2023	31.03.2024
I- Equity & Liabilities
1. Shareholders Funds
a) Share Capital	1	44,90,000	54,90,000
b) Reserves and Surplus	2	2,00,000	3,60,000

 

Note no.1 (For year ending 31.03.2023)
Share Capital
1) Authorised Share Capital
8,00,000 Equity Shares of Rs. 10 each		80,00,000
2) Issued Share Capital
4,50,000 Equity Shares of Rs. 10 each		45,00,000
3) Subscribed Share Capital
a) Subscribed and Fully paid
Rs. 10 per share on 4,45,000 Equity Shares	44,50,000
b) Subscribed and not Fully paid
Rs. 10 per share on 5,000 Equity shares	50,000
Less not paid: Rs. 2 per share on 5,000 Equity shares	−10,000	44,90,000

 

Note no.1 (For year ending 31.03.2024)
Share Capital
1) Authorised Share Capital
8,00,000 Equity Shares of Rs. 10 each			80,00,000
2) Issued Share Capital
5,50,000 Equity Shares of Rs. 10 each			55,00,000
(Out of these 40,000 shares were issued to the vendors as consideration for Capital asset purchased)
3) Subscribed Share Capital
a) Subscribed and Fully paid
Rs. 10 per share on 5,45,000 Equity Shares		54,50,000
c) Subscribed and not Fully paid
Rs. 10 per share on 5,000 Equity shares		50,000
Less not paid: Rs. 2 per share on 5,000 Equity shares		−10,000	54,90,000

 

Note no. 2 - Reserves and Surplus
	31.03.2023	31.03.2024
Capital Reserve	Nil	40,000
Securities Premium	2,00,000	3,20,000

During the year the company took over the business of Quipa Ltd. with Assets of Rs. 12,00,000/- and Liabilities of Rs. 7,30,000. Purchase consideration was paid in cash and by issue of equity shares at par. The entire transaction resulted in Capital reserve of Rs. 40,000.

1. What is the total face value of Shares issued by the Company during the year 2023-24.
   1. Rs. 10,00,000
   2. Rs. 6,00,000
   3. Rs. 9,50,000
   4. Rs. 11,20,000
2. Shares issued for cash during the year were issued at ______. (assuming they were issued together)?
   1. Rs. 10
   2. Rs. 8
   3. Rs. 12
   4. Rs. 11.20
3. On April 1, 2024, the company forfeited all the defaulting shares. What amount will appear in the Share Forfeiture account at the time of forfeiture?
   1. Rs. 40,000
   2. Rs. 50,000
   3. Rs. 10,000
   4. Rs. 60,000
4. What will be the number of Issued shares, as on April 1,2024, after the forfeiture of these shares?
   1. 5,45,000 shares
   2. 5,50,000 shares
   3. 4,45,000 shares
   4. 5,05,000 shares
5. If 2,000 of the forfeited shares were issued at Rs. 14 per share, what will be the amount of securities premium and Capital reserve respectively as on April 1, 2024?
   1. Rs, 3,20,000, Rs. 40,000
   2. Rs. 3,28,000, Rs. 56,000
   3. Rs. 3,28,000, Rs. 80,000
   4. Rs. 3,20,000, Rs. 80,000
6. What will be the amount in the "Subscribed and Fully paid" after the reissue of these 2000 shares?
   1. Rs. 54,50,000
   2. Rs. 55,00,000
   3. Rs. 54,70,000
   4. Rs. 54,80,000

Answer 1

1. Rs. 10,00,000
2. Shares issued for cash during the year were issued at Rs.12.
3. Rs. 40,000
4. 5,50,000 shares
5. Rs. 3,28,000, Rs. 56,000
6. Rs. 54,70,000