Fragrances Ltd. was registered with capital of ₹ 5,00,000 divided into 50,000 Equity Shares of ₹ 10 each. It issued 20,000 Equity Shares to public for subscription

Fragrances Ltd. was registered with capital of ₹ 5,00,000 divided into 50,000 Equity Shares of ₹ 10 each. It issued 20,000 Equity Shares to public for subscription. The shares were subscribed and calls were made and received except first and final call of ₹ 2 on 500 shares held by Varun.

Prepare Balance Sheet of the company showing Share Capital.

[Ans.: Subscribed and Fully Paid-up Capital – ₹ 1,95,000; Subscribed But Not Fully Paid-up Capital – ₹ 4,000, Calls-in-Arrears – ₹ 1,000.]