[ISC] Q. 57 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 57 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

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

	₹
On application	4
On Allotment	4
On First Call	6
On Second and Final Call	6

All the moneys 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:-

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