Ronit Ltd. was registered with an authorised capital of Rs. 75,00,000 divided into 75,000 equity shares of Rs. 100 each. The company invited applications for issuing 45,000 shares.

The amount was payable as follows: Rs. 30 per share on application, Rs. 30 per share on allotment, Rs. 25 per share on first call and balance on final call. 

Applications were received for 42,000 shares and allotment was made to all the applicants. Charvi, to whom 3,300 shares were allotted, failed to pay both the calls. Her shares were forfeited. Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare notes to accounts.

   Marks-4, CBSE: 2023-24/Zone-4/Set-1/Q-21