[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.]


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Anurag Pathak

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