[CBSE] Q. 63 Solution of Accounting for Share Capital TS Grewal Class 12 (2024-25)

The solution to Question number 63 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition CBSE Board

On 1st May, 2022, Moneyplus Ltd. forfeited 200 shares of ₹ 20 each, ₹ 15 per share called-up, on which ₹ 10 per share has been paid by A, the amount of the first call of ₹ 5 per share being unpaid. Ten days later, the Directors reissued the forfeited shares to B credited as ₹ 15 per share paid-up, for a payment of ₹ 10 per share.

Give Journal entries in the company’s books to record the forfeited shares and their reissue.

[Ans.: Capital Reserve – ₹ 1,000.]

Solution:-

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