Q 50 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solutions of Question number 50 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Luxury Cars Ltd. invited applications for issuing 10,000 equity shares of ₹ 50 each at a premium of ₹ 100 per share. The amount was payable as follows:

On Application	₹ 75 per share (including ₹ 50 permium
On Allotment	Balance

The issue was fully subscribed. A shareholder holding 400 shares paid his entire share money at the time of application. Another shareholder holding 300 shares did not pay the allotment money. His shares were forfeited. The forfeited shares were later on re-issued for ₹ 90 per share as fully paid up.

Pass necessary journal entries for the above transactions in the books of the company.

[Ans. Amount received on Application ₹ 7,80,000; On Allotment ₹ 6,97,500; Capital Reserve ₹ 4,500]

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