The authorized capital of Suhani Ltd. is Rs. 45,00,000 divided into 30,000 shares of Rs. 150 each. Out of these company issued 15,000 shares of Rs. 150 each at a premium of Rs. 10 per share.
The amount was payable as follows:
Rs. 50 per share on application, Rs 40 per share on allotment (including premium), Rs. 30 per share on first call and balance on final call. Public applied for 14,000 shares. All the money was duly received.
Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule VI Part I of the Companies Act 1956 disclosing the above information. Also prepare notes to accounts for the same.