[CBSE] Q. 49 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 49 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Black Stone Ltd. issued 10,000 Equity Shares of ₹ 10 each at a premium of ₹ 3 per share payable ₹ 5 on application, ₹ 5 (including premium) on allotment and the balance on first call. All the shares offered were applied for and allotted. All the money due on allotment was received except on 200 shares. Call was made. All the amount due thereon was received except on 300 shares. Directors forfeited 200 shares on which both allotment and call money were not received.

Pass necessary Journal entries to record the above.

[Ans.: Forfeited Shares A/c – ₹ 1,000.]

Solution:-