[CBSE] Q. 58 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

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Are you looking for the solution to Question number 58 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

R.P Ltd forfeited 1,500 shares of Rahim of ₹ 10 each issued at a premium of ₹ 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows:

On Application₹ 3 per share
On Allotment (including premium)₹ 5 per share
On First Call₹ 3 per share
On Final CallBalance

Final call has not been called up, 1,000 of the forfeited shares were reissued for ₹ 8,500 as fully paid-up. Record the necessary Journal entries for the above transactions in the books of R.P Ltd.

[Ans.: Capital Reserve – ₹ 3,500.]

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 for free lectures

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