X Ltd. was formed with a capital of Rs 1,00,000 divided into shares of Rs 10 each. Out of these 2,000 shares were issued to the vendors as fully paid as purchased consideration. 6,500 shares was offered to the public and of these 6,000 share were applied for an allotted the directors called Rs 6 per share and received the entire amount except a call of Rs 2 per share on 500 share. The amount of issued capital is __________.

Rs 20,000

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Rs 65,000

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Rs 85,000

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Rs 80,000

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Solution

The correct option is D Rs 80,000
Liabilitites Rs Asset Rs
Share capital
Authoruzed capital
100,000 shares of Rs.10 each
Isseud capital
8,000 shares of Rs. 10 each
Subscribed capital
2,000 shares of Rs.10 each (issued as fully paid for cosideration other than cash)
6,000 shares of Rs.10 each
Rs. 6 called up 36,000
Less : call unpaid
@ Rs. 2 on
500 shares 1,000

100,000
8,000
20,00

35,000

55,000
Fixed asset
Current Asset
cash at bank 20,00
35,000

55,000

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Similar questions

'X' Ltd. was formed with a capital of Rs. 15,00,000 divided into equity shares of Rs. 10 each. Out of these, 6,000 were issued into the vendors as fully paid as purchase consideration for a building acquired and 3,000 shares were issued to signatories to the Memorandum of Association as fully paid. The Directors offered 19,500 shares to the public and called up Rs. 6 per share and received the entire called up amount on shares allotted. Prepare a Balance Sheet showing Share Capital as per Schedule III Part I of Companies Act, 2013 from the above transactions in the books of 'X' Ltd.

PRACTICAL PROBLEMS

(Calculation of different types of Capital):

From the following details calculate authorised capital, issued, subscribed, called up and paid up share Capital and also calls in arrear and uncalled capital:

Pankaj Ltd. was formed with a capital of Rs 5,00,000 divided in to 5,000 shares of Rs 100 each. Of these 1,000 shares were issued to the vendor as fully paid in payment of purchase of machinery. 3,000 shares were offered to the public and of these 2,500 shares were applied and allotted. Rs 10 was payable on application and Rs 25 on allotment. The balance was yet to be called. All the money called up was duly received with the exception of allotment money on 300 shares.

Pawan Ltd. was registered with an authorised Capital of Rs 5,00,000 divided into shares of Rs 10 each. It purchased a Building from Y for Rs 2,00,000 and issued fully paid shares to Y for purchases consideration.It invited applications for the balance 30,000 shares payable as under:---- Rs 3 per share on Application; Rs 3 per share on Allotment; Rs 2 per share First Call; and Rs 2 on Final Call.

Ashok, who had been allotted 500 shares failed to pay both the Calls. His shares were forfeited and re-issued at Rs 9 per share to Hari, as fully paid up. Make neccessary entries in the Journal of the Company.

Q. The Adersh Control Device Ltd was registered with the authorised capital of Rs. 3,00,000 divided into Rs. 30,000 shares of Rs. 10 each, which were offered to the public. Amount payable as Rs. 3 per share on application, Rs. 4 per share on allotment and Rs. 3 per share on first and final call. These share were fully subscribed and all money was dully received. Prepare journal and cash book.

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.

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Liabilitites	Rs	Asset	Rs
Share capital Authoruzed capital 100,000 shares of Rs.10 each Isseud capital 8,000 shares of Rs. 10 each Subscribed capital 2,000 shares of Rs.10 each (issued as fully paid for cosideration other than cash) 6,000 shares of Rs.10 each Rs. 6 called up 36,000 Less : call unpaid @ Rs. 2 on 500 shares 1,000	100,000 8,000 20,00 35,000 55,000	Fixed asset Current Asset cash at bank	20,00 35,000 55,000