‘Tractors India Ltd.’ is registered with an authorized capital of Rs.10,00,000 divided into Rs 1,00,000 equity shares of Rs.10 each. The company issued 50,000 equity shares at a premium of Rs.5 per share. Rs 2 per share were payable with application, Rs.8 per share including premium on allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balaram.
Present the ‘Share capital’ in the balance sheet of ‘Tractors India Ltd’ as per Schedule VI Part I of the Companies Act, 1956. Also prepare notes to accounts for the same.
