[CBSE] Q. 81 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

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Are you looking for the solution to Question number 81 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Amal had applied for 7,000 shares of ₹ 10 each at a premium of ₹ 5 per share. He was allotted 4,000 shares on pro rata basis. After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 7 per share (including premium) and on his subsequent failure to pay the first call of ₹ 3 per share, his shares were forfeited. Calls not received were transferred to Calls-in-Arrears Account. 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 nor received – ₹ 19,000; Forfeited Shares A/c Credited – ₹ 21,000; Capital Reserve – ₹ 13,000.]

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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

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