[CBSE] Q. 89 Accounting for Share Capital Solution of TS Grewal Class 12 (2026-27)
The solution to Question number 89 of the Accounting for Share Capital chapter of TS Grewal Book 2026-27 Edition CBSE Board
JJK 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:-
