[CBSE] Q. 48 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Share your love

Are you looking for the solution to Question number 48 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Ankit Ltd issued 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share, payable as:

On Application₹ 3
On Allotment₹ 5 (including premium)
On First Call₹ 2
On Second and Final Call₹ 2

Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases.

Case 1. Vijay did not pay allotment money and his share were immediately forfeited.

Case 2. Vijay did not pay allotment and first call, his shares were forfeited after first call.

Case 3. Vijay failed to pay first call and his shares were forfeited immediately.

Case 4. Vijay failed to pay both the calls and his shares were forfeited.

[Ans.: Case 1. Dr. Share Capital A/c – ₹ 3,000 and Securities Premium A/c – ₹ 1,000; Cr. Forfeited Shares A/c – ₹ 1,500 and Shares Allotment A/c – ₹ 2,500.


Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 4635

Leave a Reply

Your email address will not be published. Required fields are marked *


Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.


error: Content is protected !!