[CBSE] Q. 51 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 51 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

What amount of gain on reissue will be transferred to Capital Reserve under following situations?

(i) 3,000 shares of ₹ 10 each of Rakesh were forfeited by crediting ₹ 5,000 to Forfeited Shares Account.

(ii) Z Ltd. forfeited 20 shares of ₹ 100 each (₹ 60 called-up) issued at par to Shiv on which he paid ₹ 20 per share. Out of these, 15 shares were reissued to Rajesh as ₹ 60 paid-up for ₹ 45 per share.

[Ans.: (i) ₹ 1,200, (ii) ₹ 75.]

Solution:-