[CBSE] Q. 77 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 77 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows:

On Application and Allotment	₹ 14 per share (including premium of ₹ 10)
On First Call	₹ 8 per share (including premium of ₹ 5)
On Final Call	₹ 8 per share (including premium) of ₹ 5)

Applications for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the call and Namit, a holder of 5,000 shares, did not pay the final call.

Shares of Rohit and Namit were forfeited. Of the forfeited shares, 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up.

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

[Ans.: Capital Reserve – ₹ 19,000.]

Solution:-

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

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