[CBSE] Q. 66 Solution of Accounting for Share Capital TS Grewal Class 12 (2024-25)

The solution to Question number 66 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 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 Call	Balance

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.]

Solution:-

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