Q 113 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 113 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

New Industries Limited issued a prospectus, inviting applications for 1,00,000 shares of ₹ 10 each at a premium of ₹ 5 per share, payable as follows: On Application ₹ 4.50; On Allotment ₹ 7.50 (including Premium); On 1st Call ₹ 2.00 and On Final Call ₹ 1.00.

Applications were received for 1,25,000 shares and allotment was made pro-rata to the applicants of 1,20,000 shares, the remaining applications being refused. Money received in excess on the application was adjusted towards the amount due, on allotment.

D, to whom 2,000 shares were allotted, failed to pay allotment money and on his failure to pay the first call, his shares were forfeited. M, the holder of 3,000 shares failed to pay the two calls, and so his shares were also forfeited. All these shares were sold to R, credited as fully paid for ₹ 8 per share.

Pass Cash Book and journal entries (with narrations) to record the above issue of shares by the company.

[Ans. cash at Bank ₹ 15,11,800; Cash received on allotment ₹ 6,46,800; Balance of Share Forfeiture A/c transferred to Capital Reserve ₹ 10,800 + ₹ 21,000 – ₹ 10,000 = ₹ 21,800.]

Solution:-

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