(When Shares are not Fully Called-up).
On 1st April, 2018, Vivek Ltd. was formed with an authorised capital of Rs. 1,00,00,000 divided into 2,00,000 equity shares of Rs. 50 each. The company issued prospectus inviting applications for 1,80,000 shares. The issue price was payable as under:
`{:("On Application",:,"Rs.15,",),("On Allotment",:,"Rs. 20,",),("On call",:,"Balance amount".,),(,,,):}`
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
Show the following:
(a) Share Capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013.
(b) Also prepare ' Note to Accounts' for the same.