‘Tractors India Ltd.’ is registered with an authorized capital of ₹ 10,00,000 divided into 1,00,000 equity shares of ₹ 10 each. The company issued 50,000 equity shares at a premium of ₹ 5 per share

‘Tractors India Ltd.’ is registered with an authorized capital of ₹ 10,00,000 divided into 1,00,000 equity shares of ₹ 10 each. The company issued 50,000 equity shares at a premium of ₹ 5 per share. ₹ 2 per share were payable with application, ₹ 8 per share including premium on allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balram.

Present the ‘Share Capital’ in the Balance Sheet of ‘Tractors India Ltd.’ as per Schedule III Part I of the Companies Act, 2013. Also prepare Notes to Account for the same.

[Ans. Subscribed and Fully Paid Capital ₹ 4,95,000; Subscribed but not Fully Paid Capital ₹ 2,500.]