Q 100 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 100 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Raja Ltd. forfeited 400 shares of ₹ 25 each (₹ 20 called up) held by Asha, for non-payment of allotment money of ₹ 10 per share (including ₹ 5 per share premium) and the first call of ₹ 6 per share. Out of these, 300 shares were reissued to X as ₹ 20 called up for ₹ 16 per share.

Give journal entries for forfeiture and reissue of shares.

[Ans. Capital Reserve ₹ 1,500.]

Solution:-