[CBSE] Q. 65 Accounting for Share Capital Solution of TS Grewal Class 12 (2026-27)
The solution to Question number 65 of the Accounting for Share Capital chapter of TS Grewal Book 2026-27 Edition CBSE Board
Computer Mart Ltd. forfeited 1,000 Equity Shares of ₹ 50 each issued at 10% premium on which allotment money of ₹ 15 per equity share (including premium) and first call of ₹ 15 per share were not received the second and final call of ₹ 10 per equity share were not yet called.
Calculate ‘Discount Allowed or Premium Received’ and ‘Amount transferred to Capital Reserve’ on reissue of shares as fully paid-up in each of the following cases:
Case 1. If these shares were reissued as ₹ 40 paid-up for ₹ 45 per share.
Case 2. If these shares were issued as ₹ 40 paid-up for ₹ 40 per share.
Case 3. If these shares were reissued as ₹ 40 paid-up for ₹ 35 per share.
Case 4. If these shares were reissued as ₹ 40 paid-up for ₹ 25 per share.
Case 5. If these shares were reissued as ₹ 35 per share as fully paid-up.
[Ans.: Case 1: Premium received – ₹ 5,000 and Amount transferred to Capital Reserve – ₹ 15,000;
Case 2: Discount or Premium – ₹ Nil and Amount transferred to Capital Reserve – ₹ 15,000;
Case 3: Discount Allowed – ₹ 5,000 and Amount transferred to Capital Reserve – ₹ 10,000;
Case 4: Discount Allowed – ₹ 15,000 and Amount transferred to Capital Reserve – ₹ Nil;
Case 5: Discount Allowed – ₹ 15,000 and Amount transferred to Capital Reserve – ₹ Nil.]
Solution:-
