X ltd. has the total authorised capital of Rs. 8,00,000. It issued 15,000 shares to the public for Rs. 1.5 lakhs. The issued capital is .

Rs. 2,50,000

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Rs. 1,50,000

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Rs. 15,000

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Rs. 8,00,000

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Solution

The correct option is B Rs. 1,50,000
X ltd. has the total authorised capital of Rs. 8,00,000. It issued 15,000 shares to the public for Rs. 1.5 lakhs. The issued capital is Rs.1,50,000 as the issued share capital is the portion of the authorised capital that is issued to the public for subscription.

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X Ltd. is registered with an authorised capital of Rs 20,00,000 divided into share of Rs 10 each. It has issued 80 $%$ of its nominal capital to general public for subscription. The issued was oversubscribed to the extent of 30,000 shares. The amount payable was as follows : Rs 2 on Application, Rs 3 on Allotment and balance in equal instalment on two calls. The shares were allotted to the public on a pro-rata basis to all the applicants. A shareholder holding 4,000 shares failed to pay both call money and his shares were forfeited. All the forfeited shares were re-issued to Mr. Mohan for Rs 8 per share. Pass necessary Journal entries.

Record the forfeiture and re-issue entries in each of the following cases:

(i) A Ltd. forfeited 1,000 shares of Rs 10 each, for non-payment of rs 2 per share. These shares were re-issued at Rs 9 per share as fully paid up.

(ii) D Ltd. issued share of Rs 20 each. All the shareholders have paid the full money except one shareholder holding 500 shares who failed to pay the final call money of Rs 2 per share. His shares were forfeited and 60 $%$ of its shares were re-issued at Rs 18 per share.

(iii) Akki enterprises forfeited 400 shares for non-payment of Rs 3 per share (Rs 20 face value). All the forfeited shares were re-issued at Rs 22 per share.

Closing capital = Rs. 1,20,000. Shares issued during the year Rs. 45,000. Drawings = Rs. 10,000. Profit for the year = Rs. 30,000 . What shall be the opening capital?

Q. Sharad Singh Company Ltd. has been incorporated with an authorised capital of

R s . 10, 00, 000

divided into

10, 000

equity shares of

R s . 100

each. The company issued

5, 000

shares to the public payable

R s . 20

per share on application,

R s . 20

per share on allotment,

R s . 30

per share on first call and the balance on the final call. All the money was duly received. Make Journal entries to record the issues of share. Also prepare Bank Account and the Balance Sheet.

Q. If issued capital is Rs. 5 lakhs and subscribed capital is Rs. 4 lakhs, then this is called subscription.

From the following information prepare the balance sheet of Gitanjali Ltd., as per the (Revised) Schedule VI:

Inventories Rs. 14,00,000; Equity Share Capital Rs. 20,00,000; Plant and Machinery Rs. 10,00,000; Preference Share Capital Rs. 12,00,000; Debenture Redemption Reserve Rs. 6,00,000; Outstanding Expenses Rs. 3,00,000; Proposed Dividend Rs. 5,00,000; Land and Building Rs. 20,00,000; Current Investments Rs. 8,00,000; Cash Equivalent Rs. 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) Rs. 4,00,000; Public Deposits Rs. 12,00,000.

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X ltd. has the total authorised capital of Rs. 8,00,000. It issued 15,000 shares to the public for Rs. 1.5 lakhs. The issued capital is .

The correct option is B Rs. 1,50,000X ltd. has the total authorised capital of Rs. 8,00,000. It issued 15,000 shares to the public for Rs. 1.5 lakhs. The issued capital is Rs.1,50,000 as the issued share capital is the portion of the authorised capital that is issued to the public for subscription.