Question 21

Sapphire Ltd. Was registered with an authorised capital of ₹ 80,00,000 divided into 4,00,000
shares of ₹ 20 each. Company offered and issued 1,50,000 shares at a premium of ₹ 4 per share
payable as ₹ 7 on application (including ₹ 1 premium), ₹ 12 on allotment (including ₹ 2
premium) and balance on first call. Rancho, holding 10,000 shares failed to pay allotment and
call money. Another shareholder Sultan holding 5,000 shares failed to pay the call money. All
the shares held by Rancho were forfeited and of these 8,000 were reissued at ₹ 22 per share as
fully paid.
Show Share Capital sub head as it would in the Balance Sheet of Sapphire ltd. along with notes
to Account as per the Companies Act 2013.