Q 117 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 117 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

A Ltd. forfeited 400 shares of Mr. X who had applied for 600 shares on account of non-payment of allotment, first call and final call. Shares were issued at ₹ 2 premium payable as follows:

On Application ₹ 3, on Allotment ₹ 3 + 2, on First call ₹ 2 and Final Call ₹ 2. Out of these, 300 shares were re-issued to Mr. Y at the rate of ₹ 12 per share as fully paid shares. Give Journal entries in the books of company to record above transactions.

[Ans. Capital Reserve ₹ 1,350.]

Solution:-

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