Question:
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
Particulars Note No. $31-03-2024$ (₹) $31-03-2023$ (₹) I. Equity and Liabilities (1) Shareholders Funds (a) Share capital 1 59,60,000 50,00,000
‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:
Note Particulars $31-3-2023$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed capital : Subscribed and fully paid up 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed but not fully paid up Nil 50,00,000
‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:
Note Particulars $31-3-2024$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 6,00,000 equity shares of ₹ 10 each 60,00,000 Subscribed capital : Subscribed and fully paid up 5,80,000 equity shares of ₹ 10 each 58,00,000 Subscribed but not fully paid up 20,000 equity shares of ₹ 10 each, fully called up 2,00,000 Less : calls in arrears 20,000 equity shares @ ₹ 2 per share 40,000 59,60,000
- The total face value of equity shares issued during the year 2023-2024 was :
- The number of shares on which the called up amount was not received were :
- 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 :
- On forfeiture, ‘Share Forfeiture Account’ will be credited with :
- If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
- If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :
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
| Particulars | Note No. | $31-03-2024$ (₹) | $31-03-2023$ (₹) |
| I. Equity and Liabilities | |||
| (1) Shareholders Funds | |||
| (a) Share capital | 1 | 59,60,000 | 50,00,000 |
‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:
| Note | Particulars | $31-3-2023$ (₹) |
| No. | ||
| 1. | Share Capital : | |
| Authorised capital | ||
| 9,00,000 equity shares of ₹ 10 each | 90,00,000 | |
| Issued capital : | ||
| 5,00,000 equity shares of ₹ 10 each | 50,00,000 | |
| Subscribed capital : | ||
| Subscribed and fully paid up | ||
| 5,00,000 equity shares of ₹ 10 each | 50,00,000 | |
| Subscribed but not fully paid up | Nil | |
| 50,00,000 |
‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:
| Note | Particulars | $31-3-2024$ (₹) |
| No. | ||
| 1. | Share Capital : | |
| Authorised capital | ||
| 9,00,000 equity shares of ₹ 10 each | 90,00,000 | |
| Issued capital : | ||
| 6,00,000 equity shares of ₹ 10 each | 60,00,000 | |
| Subscribed capital : | ||
| Subscribed and fully paid up | ||
| 5,80,000 equity shares of ₹ 10 each | 58,00,000 | |
| Subscribed but not fully paid up | ||
| 20,000 equity shares of ₹ 10 each, | ||
| fully called up | 2,00,000 | |
| Less : calls in arrears | ||
| 20,000 equity shares @ ₹ 2 per share | 40,000 | |
| 59,60,000 |
- The total face value of equity shares issued during the year 2023-2024 was :
- The number of shares on which the called up amount was not received were :
- 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 :
- On forfeiture, ‘Share Forfeiture Account’ will be credited with :
- If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
- If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :
Show Hint
When analysing share capital notes:
- Compare Issued/Subscribed figures year-on-year to find new issues.
- 'Subscribed but not fully paid' section reveals shares with potential arrears. Arrears amount / No. of shares gives arrears per share.
- Forfeiture: Cap Dr with Called-up; Forfeiture Cr with Amount Received.
- Reissue: Calculate discount (Paid-up - Reissue Price). Max Discount = Forfeited Amount. Gain = Forfeited - Discount. Transfer total gain on reissued shares to Capital Reserve.
Updated On: Jan 16, 2026
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Solution and Explanation
Analysis of Vikalp Limited's Share Capital
Given Information:
- Authorized Capital: 9,00,000 shares of ₹10 each
- Issued Capital (31-03-2023): 5,00,000 shares of ₹10 each (₹50,00,000)
- Issued Capital (31-03-2024): 6,00,000 shares of ₹10 each (₹60,00,000)
- Subscribed Capital (31-03-2024):
- 5,80,000 shares fully paid up: ₹58,00,000
- 20,000 shares fully called up, but with calls in arrears:
- Called up amount: ₹2,00,000
- Calls in Arrears: ₹40,000 (20,000 shares @ ₹2 per share)
- Share Capital (31-03-2024): ₹59,60,000 (58,00,000 + 1,60,000)
(i) The total face value of equity shares issued during the year 2023-2024 was:
Issued Capital (31-03-2024) - Issued Capital (31-03-2023) = New issued capital for the year
60,00,000 - 50,00,000 = ₹10,00,000
Answer: (A) ₹10,00,000
(ii) The number of shares on which the called up amount was not received were:
This is given directly as the number of shares in arrears: 20,000 shares.
Answer: (D) 20,000
(iii) On 1st 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:
Since the shares are fully called up, the entire face value of the forfeited shares (20,000 shares @ ₹10) will be debited.
20,000 * ₹10 = ₹2,00,000
Answer: (C) ₹2,00,000
(iv) On forfeiture, 'Share Forfeiture Account' will be credited with:
The Share Forfeiture Account is credited with the amount received on the forfeited shares. Since ₹2 per share was not received, the amount received per share is ₹10 - ₹2 = ₹8.
20,000 shares * ₹8/share = ₹1,60,000
Answer: (A) ₹1,60,000
(v) If all the forfeited shares are reissued at ₹8 per share fully paid up, the amount credited to 'Capital Reserve A/c' will be:
The entire balance of shares forfeited account will be transferred to capital reserve account.
₹1,60,000
Answer: (B) ₹1,60,000
(vi) If the forfeited shares are reissued at the minimum permissible price, the amount credited to 'Capital Reserve Account' will be:
The maximum permissible discount on reissue = ₹2 per share (the amount not received initially). Therefore the company will be reissued at ₹8. As a result same answer applies.
₹1,60,000
Answer: (B) ₹1,60,000
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