Pawan Ltd. was registered with an authorised capital of ₹10,00,000 divided into 1,00,000 equity shares of ₹10 each. The company offered to the public for subscription, 80,000 equity shares. The amount per share was payable as follows:
On application ₹3,
On allotment ₹2
On first call ₹3 and
On second and final call the balance
The issue was fully subscribed and all amounts due were received except the first and final call money on 2,000 shares allotted to Chavi. Her 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.