Question

Dharma Ltd. was registered with an authorised capital of ₹ 30,00,000 divided into 3,00,000 equity shares of ₹ 10 each. The amount was payable as follows: On Application – ₹ 2 per share On Allotment – ₹ 5 per share On First and Final Call – Balance The company offered 90,000 shares for public subscription. All the shares were subscribed, and the company received all the money due, except allotment and call money on 4,000 shares held by Aditi and call money on 3,000 shares held by Rohit. The directors forfeited shares of Aditi and Rohit.

Answer the following questions on the basis of the above information:

1. The nominal capital of Dharma Ltd. is:
   1. ₹ 30,00,000
   2. ₹ 3,00,000
   3. ₹ 9,00,000
   4. ₹ 33,00,000
2. The issued capital of the company is:
   1. ₹ 3,00,000
   2. ₹ 30,00,000
   3. ₹ 9,00,000
   4. ₹ 33,00,000
3. Subscribed and fully paid capital of Dharma Ltd. will be:
   1. ₹ 9,00,000
   2. ₹ 8,30,000
   3. ₹ 8,56,000
   4. Nil
4. The amount of ‘Share Capital’ presented in the Balance sheet of Dharma Ltd. under ‘Shareholders' Funds’ will be:
   1. ₹ 8,30,000
   2. ₹ 8,59,000
   3. ₹ 9,00,000
   4. ₹ 30,00,000
5. In the Notes to Accounts, the amount to be shown under ‘Share Forfeiture Account’ will be:
   1. ₹ 32,000
   2. ₹ 12,000
   3. ₹ 44,00,000
   4. ₹ 29,000
6. Subscribed and not fully paid capital of Dharma Ltd. will be:
   1. ₹ 9,00,000
   2. ₹ 8,30,000
   3. ₹ 8,56,000
   4. Nil

Answer 1

1. (A) ₹ 30,00,000
2. (C) ₹ 9,00,000
3. (B) ₹ 8,30,000
4. (B) ₹ 8,59,000
5. (D) ₹ 29,000
6. (D) Nil