[CBSE] Q. 59 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 59 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

Jain Ltd. invited applications for issuing 1,12,000 equity shares of ₹ 10 each at par. The amount per share was payable as follows:

On Application	₹ 1
On Allotment	₹ 2
On First Call	₹ 3
On Second and Final Call	₹ 4

Applications for 1,00,000 shares were received. Shares were fully allotted to all the applicants. Ramesh failed to pay his allotment money which was ₹ 2,000. His share were forfeited immediately. Suresh did not pay the first call on 500 shares applied by him. His shares were forfeited after the first call. The forfeited shares of Ramesh and Suresh were reissued at ₹ 9 per share fully paid-up. Afterwards the second and final call was made and was duly received.

Pass necessary Journal entries for tha above transactions in the books of Jain Ltd.

[Ans.: Capital Reserve – ₹ 1,000.]

Solution:-

Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy CBSE 2022-23

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