Q 43 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solutions of Question number 43 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Journalise the following:

(i) A Ltd. forfeited 1,000 shares of ₹ 10 each, ₹ 8 paid, for non-payment of final call of ₹ 2 per share. Out of these, 400 shares were re-issued as fully paid-up in such a way that ₹ 2,000 were transferred to Capital Reserve.

(ii) B Ltd. forfeited 1,000 shares of ₹ 10 each, ₹ 8 called-up, for non-payment of Allotment of ₹ 2,50 per share and first call of ₹ 3 per share. Out of these, 400 shares were re-issued for ₹ 7 per share as ₹ 8 paid-up.

(iii) C Ltd. forfeited 300 shares of ₹ 10 each on which ₹ 7 has been called and ₹ 5 has been paid. Out of these, 100 shares are re-issued for ₹ 6 per share as ₹ 7 paid-up.

[Ans. (i) Re-issue price ₹ 7 per share; Capital Reserve (ii) ₹ 600; (iii) ₹ 400.]

Solution:-