[ISC] Q. 51 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 51 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Wye Ltd. issued 20,000 shares of ₹ 20 each payable as follows:

On application	₹ 4
On Allotment	₹ 6
On First Call	₹ 4
On Second and final call	₹ 6

All the money were received except the following:

Bikash: 500 shares, has not paid the allotment, the first call and the final call.

Bikram: 300 shares, has not paid the first call and the final call.

Charnesh: 200 shares, has not paid the final call.

All the above shares were forfeited and reissued in the following manner:

Shares of Bikash @ ₹ 18 per share, Shares of Bikram @ ₹ 16 per share, and shares of Charnesh @ ₹ 15 per share.

Pass Journal entries regarding the forfeiture and reissue of shares.

Solution:-

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

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