Beige plc has in issue 100 million shares of £1 each, 70p called up, and issued at 10p premium. Miriam, who has received an allotment of 5,000 shares from Beige plc, sold her entire holding to Michael at 220p per share.

Required:

(a) Show how the shares in issue will be reported on the Statement of financial position.

(b) Explain how the shares sold by Miriam will be accounted for in the books of Beige plc.

(c) If Beige plc goes into liquidation and its resources prove inadequate to meet its liabilities, how much more will Michael be obliged to pay in respect of the shares he bought from Miriam? Assume that all amounts called had been paid in full by Miriam.