[ISC] Q. 72 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 72 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

(i) BG Ltd. forfeited 2,000 Equity Shares of ₹ 100 each, issued at a premium of ₹ 50 per share, held by Ram for non-payment of the final call of ₹ 30 per share. Of these 100 shares were reissued to Vishu at a discount of ₹ 40 per share.

(ii) C4T Ltd. forfeited 200 Equity Shares of ₹ 10 each issued at a premium of ₹ 5 per share, held by Shyam for non-payment of allotment money of ₹ 8 per share (including share premium ₹ 5 per share), first call of ₹ 2 per share and final call of ₹ 3 per share. Out of these, 125 Equity Shares were reissued to Bhajanlal @ ₹ 9 per share as fully paid-up.

Solution:-

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