Shivalik Limited was registered with an authorized capital of Rs. 10,00,000 divided into equity shares 

of Rs. 10 each. It offered 50,000 equity shares to the public. The amount was payable as follows:

On Application – Rs. 2 per share

On Allotment – Rs. 6 per share

  On First and Final call – Balance

The issue was fully subscribed. All the amounts were duly received except the allotment and first and final call money on 4,000 equity shares. These equity shares were forfeited.

Present the Share Capital in the Balance Sheet of the company as per Schedule III Part I of the Companies Act, 2013. Also prepare ‘Notes to Accounts’ for the same.

Marks-4, CBSE: 2023-24/Zone-1/Set-1/Q-21