On 1st April, 2019, Chetan Ltd. was formed with an authorised capital of ₹22,50,000 divided into 22,500 equity shares of ₹100 each. The company invited applications for 18,750 equity shares. The amount was payable as follows:
| On application | ₹ 30 per share |
|---|---|
| On allotment | ₹ 40 per share |
| On first and final call | ₹ 30 per share |
The issue was fully subscribed and the company allotted shares to all applicants. All money was received except the first and final call on 3,500 shares.
- 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:2020-21/Compartment/Q-16