[CBSE] Q. 63 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 63 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Show the forfeiture and reissue entries under each of the following cases:

(i) KBC Ltd. foreited 300 shares of ₹ 10 each, ₹ 8 called-up held by Amit for non-payment of second call money of ₹ 3 per share. These shares were reissued to Zoly for ₹ 10 per share as fully paid-up.

(ii) KK Ltd. forfeited 400 shares of ₹ 10 each, fully called-up, held by Bhawna for non-payment of final call money of ₹ 4 per share. These shares were reissued to Tarun at ₹ 12 per share as fully paid-up.

(iii) Light Ltd. forfeited 250 shares of ₹ 10 each, fully called-up, held by Chetan for non-payment of allotment money of ₹ 3 per share and first and final call money of ₹ 4 per share. These shares were reissued @ ₹ 8 per share as fully paid-up to Prem.

[Ans.: Capital Reserve – (i) ₹ 1,500; (ii) ₹ 2,400; (iii) ₹ 250.]

Solution:-

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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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