[ISC] Q. 66 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 66 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

Saturn Ltd. forfeited 90 shares of ₹ 10 each issued at a premium of 20% to RAm who had applied for 108 shares, for non-payment of the allotment money of ₹ 5 per share (including premium) and the first and final call of ₹ 5 per share. Out of these 30 shares were reissued to Shyam credited as fully paid for ₹ 9 per share. Give Journal entries to record forfeiture and reissue of shares assuming that Prem Ltd. followed the policy of adjusting excess application money towards other sums due on shares.

Solution:-

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