List of top Questions asked in CBSE CLASS XII- 2025

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:

Vikalp Ltd.

Balance Sheet as at $31^{\text {st }}$ March, 2024

ParticularsNote No.$31-03-2024$ (₹)$31-03-2023$ (₹)
I. Equity and Liabilities   
(1) Shareholders Funds   
(a) Share capital159,60,00050,00,000

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:

NoteParticulars$31-3-2023$ (₹)
No.  
1.Share Capital : 
 Authorised capital 
 9,00,000 equity shares of ₹ 10 each90,00,000
 Issued capital : 
 5,00,000 equity shares of ₹ 10 each50,00,000
 Subscribed capital : 
 Subscribed and fully paid up 
 5,00,000 equity shares of ₹ 10 each50,00,000
 Subscribed but not fully paid upNil
 50,00,000 

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:

NoteParticulars$31-3-2024$ (₹)
No.  
1.Share Capital : 
 Authorised capital 
 9,00,000 equity shares of ₹ 10 each90,00,000
 Issued capital : 
 6,00,000 equity shares of ₹ 10 each60,00,000
 Subscribed capital : 
 Subscribed and fully paid up 
 5,80,000 equity shares of ₹ 10 each58,00,000
 Subscribed but not fully paid up 
 20,000 equity shares of ₹ 10 each, 
 fully called up2,00,000
 Less : calls in arrears 
 20,000 equity shares @ ₹ 2 per share40,000
 59,60,000 
  1. The total face value of equity shares issued during the year 2023-2024 was :
  2. The number of shares on which the called up amount was not received were :
  3. On $1^{\text {st }}$ April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by :
  4. On forfeiture, ‘Share Forfeiture Account’ will be credited with :
  5. If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
  6. If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :
Read the following text carefully:
Balance of Payments (BoP) systematically summarises the economic transactions of an economy with the rest of the world, over a given period of time.
The BoP can be broadly divided into two accounts namely:
  • Current account
  • Capital account
The current account measures the transfer of goods, services, income and transfers between an economy and the rest of the world. The current account may be sub-divided into merchandise account and invisible account. Merchandise account consists of transactions related to export and import of goods. In the invisible account, there are three broad categories:
  • Non-factor services such as travel, transportation, insurance etc.
  • Transfer which do not involve any value in exchange.
  • Income which includes compensation of employees and investment income.
The capital account reflects the net changes in financial claims on rest of the world. The capital account can be broadly broken up into two categories:
  • Non-debt flows such as direct and portfolio investments.
  • Debt flows such as external assistance, commercial borrowings, non-resident deposits etc.
The sum of the two accounts indicates the overall balance, which could be either in surplus or deficit. The movement in overall balance is reflected in changes in international reserves of the country. Source: \url{https://mopsi.gov.in/109-balance-payments} (adopted and modified) % Question subparts On the basis of the given text and common understanding, answer the following questions:
  • (a) Define Balance of Payments.
  • (b) Differentiate between the two accounts of Balance of Payments.
  • (c) Give the meaning of Balance of Payments deficit with formula.