[CBSE] Q. 86 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 86 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

Ruchi Ltd. issued for public subscription 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as:

On Application	₹ 2 per share
On Allotment	₹ 5 per share (including premium)
On First Call	₹ 2 per share
On Second and Final Call	₹ 3 per share

Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were susequently forfeited after the second and final call was made. All the fofeited shares were reissued as fully paid-up @ ₹ 8 per share.

Give necessary Journal entries for the above transactions.

[Ans.: Capital Reserve – ₹ 6,640.]

Solution:-

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

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