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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :
On application Rs.20
On allotment Rs.50 (including premium)
On first call Rs.30
On second and final call Rs.20
Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of E’s forfeited shares being reissued.
 
Q.Balance Sheet Total = _________.
  • a)
    Rs 2,40,00,000
  • b)
    Rs 2,40,12,000
  • c)
    Rs 2,40,24,000
  • d)
    Rs 2,40,36,000
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per...
Balance Sheet Total = Rs. 2,40,36,000

Explanation:

Issued Capital:

Number of shares issued = 2,00,000
Face Value per share = Rs.100

Therefore, Issued Capital = Number of shares issued x Face Value per share
= 2,00,000 x 100
= Rs. 2,00,00,000

Add: Share Premium

Number of shares issued = 2,00,000
Premium per share = Rs.20

Therefore, Share Premium = Number of shares issued x Premium per share
= 2,00,000 x 20
= Rs. 40,00,000

Total Shareholders' Funds = Issued Capital + Share Premium
= Rs. 2,00,00,000 + Rs. 40,00,000
= Rs. 2,40,00,000

Less: Forfeited Shares

Forfeited shares of E = 4,000
Forfeited shares of F = 6,000

Total Forfeited Shares = Forfeited shares of E + Forfeited shares of F
= 4,000 + 6,000
= 10,000

Forfeited shares reissued to G at a discount of 10% = 8,000

Therefore, Forfeited Shares = Total Forfeited Shares - Forfeited shares reissued
= 10,000 - 8,000
= 2,000

Value of Forfeited Shares = (Forfeited Shares x Face Value) - (Forfeited Shares x Total Calls made)
= (2,000 x 100) - (2,000 x 80)
= Rs. 16,00,000

Net Shareholders' Funds = Total Shareholders' Funds - Forfeited Shares
= Rs. 2,40,00,000 - Rs. 16,00,000
= Rs. 2,24,00,000

Add: Reserves

Assuming there are no reserves given in the question.

Therefore, Total Shareholders' Funds = Net Shareholders' Funds + Reserves
= Rs. 2,24,00,000 + 0
= Rs. 2,24,00,000

Add: Non-Current Liabilities

Assuming there are no non-current liabilities given in the question.

Therefore, Total Equity and Liabilities = Total Shareholders' Funds + Non-Current Liabilities
= Rs. 2,24,00,000 + 0
= Rs. 2,24,00,000

Add: Current Liabilities

Amount received on application = 3,00,000 shares x Rs. 20 per share
= Rs. 60,00,000

Amount received on allotment = 2,40,000 shares x Rs. 50 per share
= Rs. 1,20,00,000

Amount received on first call = 2,40,000 shares x Rs. 30 per share
= Rs. 72,00,000

Amount received on second and final call = 2,40,000 shares x Rs. 20 per share
= Rs. 48,00,000

Total Current Liabilities = Amount received on application + Amount received on allotment + Amount received on first call
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D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Balance Sheet Total = _________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer?
Question Description
D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Balance Sheet Total = _________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Balance Sheet Total = _________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. E, to whom 4,000 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited and F, the holder of 6,000 shares failed to pay the two calls and his shares were forfeited after the second call. Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Balance Sheet Total = _________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer?.
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Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Balance Sheet Total = _________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer?, a detailed solution for D Ltd. issued 2,00,000 shares of Rs.100 each at a premium of Rs.20 per share payable as follows :On application Rs.20On allotment Rs.50 (including premium)On first call Rs.30On second and final call Rs.20Applications were received for 3,00,000 shares and pro rata allotment was made to applicants of 2,40,000 shares. Money excess received on application was employed on account of sum due on allotment as part of share capital. 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Of the forfeited shares, 8,000 shares were reissued to G at a discount of 10%, the whole of Es forfeited shares being reissued.Q.Balance Sheet Total = _________.a)Rs 2,40,00,000b)Rs 2,40,12,000c)Rs 2,40,24,000d)Rs 2,40,36,000Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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