Question

Sushila Ltd. has an ‘Authorized Capital’, of ₹10,00,000 divided into equity shares of ₹10 each. Subscribed and fully paid up share capital of the company was ₹4,00,000. To meet its new financial requirement, the company issued 20,000 equity shares of ₹10 each. Amount per share was payable as ₹3 on application, ₹3 on allotment; ₹2 on first call and ₹2 on second and final call. The issue was fully subscribed. The allotment money was payable on or before May 1, 2020; first call money was due on August 1, 2020 and final call money was due on October 1, 2020. X whom 1,000 shares were allotted did not pay the allotment and both calls; Y an allottee of 600 shares; did not pay the two calls; and Z whom 300 shares were allotted did not pay the final call. Subscribed capital presented in the Balance sheet of the Company as per schedule III Part I of the Companies Act, 2013 will be:

पर्याय

• ₹9,800

• ₹5,90,000

• ₹10,00,000

• ₹6,00,000

Answer 1

₹5,90,000

Explanation:

Total = 60,000 shares × ₹10 = ₹6,00,000

X (1,000 shares) = (₹3) + 1st Call (₹2) + Final Call (₹2) = ₹7,000 arrear

Y (600 shares) = (₹2) + Final Call (₹2) = ₹2,400 arrear

Z (300 shares) = (₹2) = ₹600 arrear

= ₹7,000 + ₹2,400 + ₹600 = ₹10,000

= Subscribed Capital (₹6,00,000) − Calls in Arrears (₹10,000)

= ₹5,90,000