[ISC] Q. 67 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 67 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

National Chemicals Ltd. forfeited 500 shares of ₹ 100 each issued at 10% premium (tobe paid at the time of allotment) on which the first call of ₹ 30 per share was not received, the second and the final call of ₹ 20 per share was not yet called.

Give Journal entries regarding the forfeiture and reissue of shares in each of the following alternative cases:

Case 1:	If 200 of these shares were reissued at ₹ 80 paid-up for ₹ 90 per share.
Case 2:	If 200 of these shares were reissued at ₹ 80 called-up for ₹ 90 per share.
Case 3:	If 200 of these shares were reissued at ₹ 80 paid-up for ₹ 70 per share.
Case 4:	If 200 of these shares were reissued at ₹ 80 paid-up for ₹ 30 per share.

Solution:-

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