Q 65 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solutions of Question number 65 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Modern Ltd. issued a prospectus inviting applications for 2,00,000 shares of ₹ 10 each at a premium of ₹ 6 per share, payable as follows:

On Application	₹ 5 (including premium ₹ 2)
On Allotment	₹ 5 (including premium ₹ 2)
On 1st Call	₹ 3 (including premium ₹ 1)
On 2nd and Final Call	₹ 3 (including premium ₹ 1)

Applications were received for 2,60,000 shares and pro-rata allotment was made to the applicants for 2,50,000 shares. Excess money paid on applications for these shares was utilised towards allotment.

A, who applied for 1,000 shares, failed to pay the allotment money and his shares were forfeited after allotment.

B, who applied for 1,500 shares, failed to pay the two calls and his shares were also forfeited.

Of the shares forfeited, 1,800 shares were re-issued as fully paid for ₹ 15 per share, the whole of B’s share being included. Prepare Cash Book and Journal.

[Ans. Cash at Bank ₹ 32,12,000; Cash received on allotment ₹ 7,47,000; Capital Reserve ₹ 9,750.]

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