[CBSE] Q. 82 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 82 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Telecom Ltd.; issued 20,000 Equity Shares of ₹ 10 each at a premium of ₹ 5 per share, payable as: ₹ 7 (including premium) on application, ₹ 5 on allotment and the balance after three months of allotment. A shareholder to whom 200 shares were allotted failed to pay the allotment and call money and his shares were forfeited. 160 of the forfeited shares were reissued for ₹ 1,600.

Pass necessary entries in company’s Journal, prepare Ledger Accounts and the Balance Sheet.

[Ans.: Balance of Forfeited Shares A/c – ₹ 80; Capital Reserve – ₹ 320; Balance Sheet Total – ₹ 3,00,000.]

Solution:-