question_answer

On 1st April, 2020, Rishi Ltd. was formed with an authorized capital of Rs.5,00,000 divided into 50,000 Equity shares of Rs.10 each. The company invited applications for 38,000 equity shares and received applications for 35,000 equity shares. All the amount due on allotment and First and Final call received except a shareholder Tarun (to whom 1,000 shares were allotted) did not pay the First and Final call of Rs.2 per share. Tarun's shares were forfeited after the First and Final call and out of his forfeited shares 700 were reissued at Rs.8 per share fully paid up. Share capital to be shown in the balance sheet is:

A) 3,49,400

B) 3,44,600

C) 3,47,600

D) 3,52,400