The authorised capital of Sarang Ltd. is ₹ 1,20,00,000 divided into 12,00,000 shares of ₹ 10 each. Out of these, company issued 8,00,000 shares of ₹ 10 each at a premium of 20%. The amount per share was payable as follows:
On Application ₹ 2
On Allotment ₹ 6 (including Premium)
On First Call ₹ 2
On Final Call Balance
Public applied for 7,80,000 shares. All the money was duly received. Prepare an extract of Balance Sheet of Sarang Ltd. as per Schedule III, Part I of the Companies Act, 2013, disclosing the above information. Also prepare ‘Notes to Accounts’ for the same. [Ans.: Balance Sheet Total = ₹ 93,60,000.]  
Anurag Pathak Changed status to publish September 1, 2023