Q 35 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solutions of Question number 35 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

David Ltd. issued ₹ 40,00,000 equity shares of ₹ 10 each out of its registered capital of ₹ 10,00,00,000. The amount payable on these shares was as follows:

On Application	₹ 1 per share
On Allotment	₹ 2 per share
On First Call	₹ 3 per share
On Second and Final Call	₹ 4 per share

All calls were made and were duly received, except and second and final call on 1,000 shares held by Vipul. These shares were forfeited.

Present the ‘Share Capital’ in the Balance Sheet of the company as per Schedule III Part I of the Companies Act, 2013. Also prepare ‘Notes to Accounts’.

[Ans. Subscribed and Fully Paid Capital ₹ 39,90,000; Forfeited Shares A/c ₹ 6,000; Share Capital ₹ 39,96,000.]

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