Xansa Ltd. offered 22,000 equity shares of ₹ 100 each to the public at a premium of ₹ 20 per share. The amount per share was payable as ₹ 30 on application; ₹ 50 (including premium) on allotment; and the balance on first and final call

Xansa Ltd. offered 22,000 equity shares of ₹ 100 each to the public at a premium of ₹ 20 per share. The amount per share was payable as ₹ 30 on application; ₹ 50 (including premium) on allotment; and the balance on first and final call. 20,000 shares were subscribed by the public. All call were made. A shareholder holding 1,000 shares failed to pay the first and final call money. His share were forfeited. Show ‘Share Capital’ in the Balance Sheet of Xansa Ltd. Also, prepare ‘Notes to Accounts’.

[Ans. Subscribed and Fully paid Share Capital ₹ 19,00,000; Forfeited Shares A/c ₹ 60,000; Share Capital ₹ 19,60,000.]