[CBSE] Q. 54 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

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Solution to Question number 54 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Max Ltd. forfeited 500 shares of ₹ 100 each for non-payment of first call of ₹ 20 per share and final call of ₹ 25 per share. 250 of these shares were re-issued at ₹ 50 per share fully paid-up.

Pass the necessary Journal entries in the books of Max Ltd. for forfeiture and re-issue of shares. Also prepare the Share Forfeiture Account.

[Ans.: Gain on re-issue transferred to Capital Reserve – ₹ 1,250.]

Solution:-

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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.

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