Q 83 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

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Solution of Question number 83 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Narmada Limited was registered with an Authorised Capital of ₹ 5,00,000 in ₹ 10 shares. Company purchased as Asset for ₹ 2,00,000 and issued full paid shares for it. Balance 30,000 shares were issued to the public, payable as follows:

On Application & Allotment₹ 3
On First Call₹ 4
On Second Call₹ 3

Govind, holding 100 shares failed to pay the First Call money and his shares were forfeited after the First Call.

Gopal, holding 200 shares failed to pay the Second Call and his shares were also forfeited.

Pass Journal Entries.

[Ans. Share Forfeiture A/c ₹ 300 + ₹ 1,400 = ₹ 1,700.]

Solution:-

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