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.

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

Marks-4, CBSE:2020-21/Compartment/Q-16

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