[CBSE] Q. 70 Solution of Accounting for Share Capital TS Grewal Class 12 (2024-25)

The solution to Question number 70 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 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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