[CBSE] Q. 107 Solution of Accounting for Share Capital TS Grewal Class 12 (2025-26)

The solution to Question number 107 of the Accounting for Share Capital chapter of TS Grewal Book 2025-26 Edition CBSE Board

Alok Ltd. invited applications for 1,00,000 Equity Shares of ₹ 10 each. The shares were issued at a premium of ₹ 5 per share. The amount was payable as follows:

On Application and Allotment ₹ 8 per share (including premium ₹ 3). Balance, including premium on the First and Final Call.

Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected, and pro rata allotment was made to the remaining applicants on the following basis:

(i) Applications for 80,000 shares were allotted 60,000 shares; and

(ii) Applications for 60,000 shares were allotted 40,000 shares.

Mohan, who belonged to the first category and was allotted 300 shares, failed to pay the first and final call money. Sohan, who belonged to the second category and was allotted 200 shares, also failed to pay the call money; their shares were forfeited. The forfeited shares were reissued @ 12 per share, fully paid-up. Prepare Cash Book and pass necessary Journal entries.

[Ans.: No. of shares applied by Mohan 400, by Sohan 300; Call money due but not received from Mohan ₹ 1,300, from Sohan ₹ 600; Amount received at the time of call ₹ 3,78,100, Forfeited Shares Account credited by ₹ 4,100, Capital Reserve ₹ 4,100; Cash Book Balance – ₹ 15,04,100.]

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