Q 73 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solutions of Question number 73 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Khushboo Ltd. issued for public subscription 50,000 equity shares of ₹ 10 each at a premium of 30% payable as under:

₹ 4 on application
₹ 5 on allotment (including premium)
₹ 4 on first & final call

Applications were received for 1,00,000 shares. Allotment was made pro-rata to the applicants for 80,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment.

Chatterjee, to whom 1,000 shares were allotted, failed to pay the allotment and call money and the shares were subsequently forfeited. Half of the forfeited shares were reissued as fully paid at a discount of 10%. Show the journal entries to record the above transactions.

[Ans. Amount received on allotment ₹ 1,27,400; Capital Reserve ₹ 2,500.]

Solution:-

Note:- As per question, first share capital part of allotment is covered with excess application, then securities premium is covered with rest of the amount.

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