Raunit Styles Ltd. was registered with a capital of Rs. 85,00,000 divided into equity shares of Rs. 100 each. The company invited applications for issuing 45,000 shares. The amount was payable as Rs. 25 on application, Rs. 35 on allotment, Rs. 25 on first call and balance on final call.
Applications were received for 42,000 shares and allotment was made to all the applicants. Kavi, to whom 3,300 shares were alloted, failed to pay both the calls. His shares were forfeited.
Present the Share Capital in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.