On 1st April, 2012, Vivek Ltd. Was formed with an authorized capital of Rs 1,00,00,000 divided into 2,00,000 equity shares of Rs 50 each. The company issued prospectus inviting applications for 1,80,000 shares. The issue price was payable as under:
On Application: Rs 15
On Allotment : Rs 20
On Call : Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
Show the following:
(a) Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
(b) Also prepare 'Notes to Accounts' for the same.