Surya Ltd with a Registered capital of 10,00,000 Equity Shares of Rs.10 each, issued 1,00,000 Equity Shares payable Rs. 3 on Application, Rs. 2 on Allotment, Rs.3 on First Call and Rs. 2 on Second and Final Call. The amount due on Allotment was duly received except Mr. X holding 6,000 shares. His shares were immediately forfeited. On the first call being made, Mr. Y holding 5,000 Equity shares paid the entire balance on his holding. Second call was not made.
Pass the necessary Journal Entries to record the transactions and Show how the Share Capital will be presented in the Balance Sheet of the Company. Also prepare notes to accounts.
