Ashirwad Ltd. was formed on 1st December, 2023, with a capital of ₹ 20,00,000 divided into shares of ₹ 10 each. It offered 80% of the shares to the public

Ashirwad Ltd. was formed on 1st December, 2023, with a capital of ₹ 20,00,000 divided into shares of ₹ 10 each. It offered 80% of the shares to the public.

The issue price was payable as follows:

30% of the face value per share was payable with application.

20% of the face value per share was payable with allotment.

The balance as and when required. The company did not call for the balance during the year.

All the shares offered by the company were subscribed for. Company received ₹ 3,14,000 on allotment.

You are required to:

(i) Show the Share Capital in the Balance Sheet of the Company (prepared as per Schedule III of the Companies Act, 2013) at the end of the financial year.

(ii) Prepare Notes to Accounts.

[Ans. Subscribed but not fully paid Capital ₹ 7,94,000.]