[CBSE] Q. 55 Accounting for Share Capital Solution of TS Grewal Class 12 (2026-27)
The solution to Question number 55 of the Accounting for Share Capital chapter of TS Grewal Book 2026-27 Edition CBSE Board
Chand Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. The amount per share was payable as follows: ₹ 4 (including premium) on applicatoin, ₹ 5 on allotment and balance on first and final call. Applications were received for 1,80,000 shares of which applications for 30,000 shares were rejected and remaining applicants were allotted shares on pro rata basis. Mansi holding 5,000 shares failed to pay first and final call money and her shares were forfeited.
Pass necessary Journal entries for the above transactions in the books of the company.
[Ans.: Forfeited Shares Account – ₹ 35,000.]
Solution:-
