Shringar Ltd. was registered with an authorised capital of ₹ 5,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for 20,000 equity shares. The amount was payable as follows:

On Application – ₹ 3 per share

On Allotment – ₹ 5 per share On First and Final call – Balance

Applications were received for 19,000 equity shares and allotment was made to all the applicants. All the amounts were duly received except the first and final call on 5,000 shares.

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

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