[CBSE] Q. 54 Accounting for Share Capital Solution of TS Grewal Class 12 (2026-27)

The solution to Question number 54 of the Accounting for Share Capital chapter of TS Grewal Book 2026-27 Edition CBSE Board

Alpha Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On Application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share.

Ganesh was allotted 100 shares. Pass necessary Journal entry relating to the forfeiture of shares in each of the following alternative cases:

Case 1. If Ganesh failed to pay the allotment money and his shares were immediately forfeited.

Case 2. If Ganesh failed to pay allotment money and on his subsequent failure to pay the first call, his shares were forfeited.

Case 3. If Ganesh failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited.

Solution:-