Q 55 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solutions of Question number 55 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Prayuj Ltd. forfeited 2,000 shares of ₹ 10 each, fully called up, on which they had received only ₹ 14,000. Out of forfeited shares 50 shares were reissued for ₹ 9 per share fully paid up.

Pass necessary journal entries for forfeiture and re-issue of shares. Also prepare share forfeited account.

[Ans. Amount transferred to Capital Reserve ₹ 300.]

Solution:-