[CBSE] Q. 72 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 72 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

Gaurav applied for 5,000 shares of ₹ 10 each at a premium of 2.50 per share.But he was allotted only 2,500 shares on pro rata basis. After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 4.50 per share (including premium) and on his subsequent failure to pay the first call of ₹ 2 per share,his shares were forfeited.These shares were reissued at the rate of ₹ 8 per share credited as fully paid.

Pass Journal entries to record the forfeiture and reissue of shares.

[Ans.: Allotment money due but not received-₹ 3,750;

Forfeited Shares A/c Credited-₹ 12,500;Capital Reserve-₹ 7,500.]

Solution:-

Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy CBSE 2022-23

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