[CBSE] Q. 62 Accounting for Share Capital Solution of TS Grewal Class 12 (2026-27)
The solution to Question number 62 of the Accounting for Share Capital chapter of TS Grewal Book 2026-27 Edition CBSE Board
Radhika Ltd. invited applications for issuing 40,000 equity shares of 100 each at a premium of ₹ 50 per share. The amount was payable as follows:
| On Application and Allotment | ₹ 40 per share (including 10 premium) |
| On First Call | ₹ 45 per share (including 5 premium) |
| On Second and Final Call | Balance |
Applications for 39,000 shares were received. Allotment was made in full to all the applicants. Dinu, to whom 100 shares were allotted, failed to pay the first call money. His shares were immediately forfeited.
The forfeited shares were reissued thereafter at 70 per share fully paid-up. The second and final call was not yet made.
Pass necessary Journal entries for the above transactions in the books of Radhika Ltd.
[Ans.: Capital Reserve—NIL.]
[Hint: Gain on. Reissue = Amount forfeited – Discount on Reissue = ₹ 3,000 – ₹3,000 = NIL.]
(CBSE 2025)
Solution:-
