[CBSE] Q. 65 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)
Are you looking for the solution to Question number 65 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?
Record the Journal entries for forfeiture and reissue of shares in the following cases:
(i) Basak Ltd. forfeited 20 shares of ₹ 10 each, ₹ 7 called-up on which the shareholders had paid application and allotment money of ₹ 5 per share. Out of these, 15 shares were reissued to Naresh as ₹ 7 per share paid-up for ₹ 8 per share.
(ii) Y Ltd. forfeited 90 shares of ₹ 10 each, ₹ 8 called-up issued at a premium of ₹ 2 per share to ‘R’ for non-payment of allotment money of ₹ 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as ₹ 8 called-up for ₹ 10 per share.
[Ans.: Amont transferred to Capital Reserve – (i) ₹ 75; (ii) ₹ 400.]
Solution:-
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