[CBSE] Q. 76 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 76 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

X Ltd. forfeited 100 shares of ₹ 10 each (₹ 8 called-up) issued at a premium of ₹ 2 per share to Rahul on which he had paid application money of ₹ 5 per share, for non-payment of allotment money of ₹ 5 per share (including premium). Out of these, 70 shares were reissued to Sanjay for ₹ 7 per share as ₹ 8 called-up for ₹ 7 per share. Give necessary Journal entries relating to forfeiture and reissue of shares.

[Ans.: Capital Reserve – ₹ 280.]

Solution:-

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