CBSE 2023 · Region 3 · Set 1 · Q21

Pawan Ltd. was registered with an authorised capital of ₹ $\displaystyle 10,00,000$ divided into $\displaystyle 1,00,000$ equity shares of ₹ $\displaystyle 10$ each. The company offered to the public for subscription, $\displaystyle 80,000$ equity shares. The amount per share was payable as follows : On application ₹ $\displaystyle 3$, On allotment ₹ $\displaystyle 2$ On first call ₹ $\displaystyle 3$ 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 $\displaystyle 2,000$ 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.