[ISC] Q. 51 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 51 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

Goodwill Trading Co. Ltd had issued share capital of ₹ 1,40,000 in Equity Shares of ₹ 100 each, on which ₹ 75 per share was called and paid. When the final call of ₹ 25 per share was made, all the shareholders paid their money in full except two shareholders, one holding 200 shares and the other 100 shares. These shares were forfeited in due course and were reissued to a new shareholder who paid ₹ 50 for each share.

You are required to give Journal entries recording the above transactions in the books of the company.

Solution:-

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