CBSE 2023 · Region 3 · Set 2 · Q22

On 1st April, $\displaystyle 2021$, Prabha Ltd. was formed with an authorised capital of ₹ $\displaystyle 90,00,000$ divided into $\displaystyle 90,000$ equity shares of ₹ $\displaystyle 100$ each. The company invited applications for $\displaystyle 80,000$ equity shares. The amount was payable as follows : On application : ₹ $\displaystyle 30$ per share On allotment : ₹ $\displaystyle 40$ per share On first and final call : Balance amount Applications for $\displaystyle 1,00,000$ shares were received. Applications for $\displaystyle 20,000$ shares were rejected and the application money was refunded. All calls were made. A shareholder holding $\displaystyle 600$ shares did not pay the first and final call. Present the 'Share Capital' in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, $\displaystyle 2013$ as at 31st March, 2022. Also prepare 'Notes to Accounts' for the same.