On 1st April, 2017, Shakti Ltd. was formed with an authorized capital of Rs. 60,00,000 divided into 3,00,000 equity shares of Rs. 20 each. Out of these, 50,000 shares were issued to the vendors as fully paid up for purchase of office premises. The directors offered 1,20,000 shares to the public and called up Rs. 10 per share and received the entire called up amount on these shares. Show the share capital in the Balance Sheet of the company as per Schedule-III and also prepare 'notes to accounts'.

Explanation

Subscribed and Fully Paid Capital Rs. 10,00,000, Subscribed but not fully paid capital Rs. 12,00,000.