Q 27 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)
Solutions of Question number 27 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)
Alfa Ltd. issued 5,000 shares of ₹ 100 each at par. The amount payable was as under:
₹ 25 on application;
₹ 25 on allotment;
₹ 20 on first call; and
₹ 30 on final call.
The company did not make final call. X, a holder of 100 shares, failed to pay allotment and first call money. Directors forfeited his shares and immediately re-issued the forfeited shares at ₹ 6,500.
Pass Journal entries in the books of the company and show the Share Capital in the Balance Sheet.
[Ans. Cash at Bank ₹ 3,52,000; Share Capital ₹ 3,50,000; Capital Reserve ₹ 2,000.]
Solution:-
