[CBSE] Q. 97 Solution of Accounting for Share Capital TS Grewal Class 12 (2024-25)

The solution to Question number 97 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition CBSE Board

Arvind Ltd. issued 20,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as:

On Application	₹ 6
On Allotment	₹ 3 (including premium)
On First Call	₹ 2
On Second and Final Call	₹ 1

Applications were received for 30,000 shares. Applications for 6,000 shares were rejected and pro rata allotment was made to the remaining applicants.

Abhay, who was allotted 500 shares failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited. Of these, 300 shares were reissued as fully paid-up for ₹ 6 per share.

Journalise the transactions to record the forfeiture and reissue of shares.

[Ans.: Capital Reserve – ₹ 900.]

Solution:-

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