Ambrosia Ltd was incorporated on 1 January 2014. A private placement of 5000 shares at $1 a share was made and the public was invited to subscribe for 45 000 shares at the same price. The public issue called for payment in the following instalments:

(a) 40 cents on application

(b) 30 cents on allotment

(c) payment of the call for the balance outstanding by 30 September 2016.

Applications were received for 35 000 shares. All money due on allotment was received by 30 May 2014.

The balance of the Share Capital of Ambrosia Ltd at 30 June 2014 was: