[CBSE] Q. 70 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 70 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Kwality Hospitality Ltd. incorporated with authorised capital of ₹ 1,00,000 equity shares of ₹ 10 each, issued 50,000 equity shares for subscription payable ₹ 4 on application, ₹ 3 on allotment and balance as first and final call. The shares were subscribed, and due amounts were received except first and final call on 4,000 shares. These shares were forfeited. Later, half the shares were reissued as fully paid-up and ₹ 4,000 were transferred to Capital Reserve.

Pass the Journal entry for reissue of shares.

[Ans.: Amount received on reissue of shares – ₹ 10,000.]

Solution:-

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