IGCSE Accounting Paper-2: Specimen Questions with Answers 74 - 75 of 189

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Passage

Susan Ltd was registered on April 1st 2011 with a capital of £ 10000000 divided into £ 1000000 shares of £ 10 each. The company offered 44000 shares of which 40000 shares were taken up by the public. £ 1 was received with application. On May 2nd these shares were allotted and by 31st may £ 2 per share was received as allotment money. First call of £ 3 per share was made on 30th June, and call money was received with an exception of 100 shares. Final call was made £ 4 per share and call money was received by 30th September with an exception of 400 shares.

Question 74 (1 of 5 Based on Passage)

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Essay▾

Classify the categories of share capital of Susan Ltd?

Explanation

In the case of Susan Ltd, the share capital can be classified as:

(i) Authorized share Capital: The maximum amount of capital which Susan Ltd can raise through the issue of shares.

(ii) Subscribed share capital: The monetary value of shares on which the public has shown interest to purchase.

(iii) Issued Share capital: This is the monetary value of shares which the company has issued to the interested public.

(iv) Called up capital: The monetary value which will be received on a later date on shares that have been issued to the public

Question 75 (2 of 5 Based on Passage)

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Essay▾

Prepare the balance sheet of Susan Ltd as on 30th September 2011.

Explanation

Balance Sheet of Susan Ltd as on 30.09. 2011
LIABILITIESAMOUNTAMOUNTASSETSAMOUNTAMOUNT
Share Capital:Current Assets:
Authorized CapitalCash@bank398100
1000000 shares of £ 10 each10000000
Issued Capital
40000 shares of £ 10 each400000
Subscribed Capital:
40000 shares of £ 10 each400000
Less: unpaid 1st call @ £ 3 for 100 shares300
399700
Less: unpaid fianl call @ £ 4 for 400 shares1600
398100
398100398100

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