Ques. Bliss Product Ltd. registered with capital of Rs. 90,00,000 divided into 90,000 equity shares of Rs 100 each. The company issued prospectus inviting applications for 50,000 equity shares of Rs. 100 each payable as Rs. 20 on application, Rs. 30 on allotment, Rs. 20 on first call, and balance on second call. Applications were received for 40,000 shares. Raman to whom 1600 shares were allotted failed to pay final call money and these shares were forfeited. Of the forfeited shares, 600 shares were reissued to Sukhman, credited as fully paid for Rs. 90 per share.
Pass the necessary journal entries and present the share capital as per Schedule III of Companies Act, 2013.