MM Ltd. is registered with an authorised share capital of ₹10,00,00,000 was divided into 1,00,00,000 equity shares of ₹10 each. The company invited applications for issuing 10,00,000 equity shares. The amount per share was payable as follows:

On Application – ₹3 per share

On Allotment – ₹4 per share

On First and Final Call – ₹3 per share

The issue was fully subscribed. All calls were made and were duly received except the first and final call on 1,000 shares.

Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III Part I of the Companies Act, 2013 and also prepare Notes to Accounts.

Marks-4, CBSE:2022-23/Compartment/Q-21

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