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Question 1 Chapter 1 - V.K. Publication Class 12 Part 2 - 2021
1. X Ltd. has an authorised capital of Rs. 7,50,000 divided into 50,000 Equity shares of Rs 10 Each and 25,000, 8% preference shares of Rs. 10 each.
The whole of preference shares were subscribed, called and paid. However, the company issued only 45,000 equity shares. 42,500 equity shares were subscribed for. During the first year Rs. 8 per share were called. Ravi holding 500 shares did not pay first call of Rs. 2. Also Sunil holding 1,000 shares did not pay first call of Rs. 2. Only Sunil's shares were forfeited after the first call and later on 750 of the forfeited shares were reissued at Rs. 6 per share, Rs 8 called up.
Balance Sheet of X Ltd.as at 31st March, 2018 (Extract)
| Particulars | Note No. | 31st March,2018 (Rs.) | 31st March,2017 (Rs.) |
|---|---|---|---|
| I. EQUITY AND LIABILITIES | |||
| Shareholders' Funds | |||
| (a) Share Capital | 1. | 5,88,500 | |
| (b) Reserves and Surphus | 2. | 3,000 | |
| Total | 5,91,500 |
NOTES TO ACCOUNT
| Particulars | Amount (Rs.) |
|---|---|
| 1. Share Capital: | |
| Authorited Capital | |
| 50,000 equity shares of Rs. 10 each | 5,00,000 |
| 25,000 8% preference shares of Rs. 10 each | 2,50,000 |
| 7,50,000 | |
| Issued Capital: | |
| 45,000 equity shares of Rs. 10 each | 4,50,000 |
| 25,000 8% preference shares of Rs. 10 each | 2,50,000 |
| 7,00,000 | |
| Subscribed Capital: | |
| Subscribed and fully paid-up capital: | |
| 25,000, 8% Preference shares of Rs. 10 each | 2,50,000 |
| Subscribed but not fully paid-up: | |
| 42,250 equity shares of Rs. 10 each, Rs. 8 called-up | 3,38,000 |
| Less: Calls-in-arrears (500 X 2) | 1,000 |
| Add: Share Forfeited A/c (250 x 6) | 1,500 |
| 5,88,500 | |
| 2. Reserves and Surplus: | |
| Capital Reserve | 3,000 |
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 1 Chapter 1 - V.K. Publication Class 12 Part 2 - 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to V K Publications part 2 class 12.
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