Q 85 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)
Solution of Question number 85 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)
Y Ltd. invited applications for issuing 15,000 equity shares of ₹ 10 each on which ₹ 6 per share were called up, which were payable as follows:
On application | ₹ 2 per share |
On Allotment | ₹ 1 per share |
On First Call | ₹ 3 per share |
The issue was fully subscribed and the amount was received as follows:
On 10,000 shares | ₹ 6 per share |
On 3,000 shares | ₹ 3 per share |
On 2,000 shares | ₹ 2 per share |
The directors forfeited those shares on which less than ₹ 6 per share were received. The forfeited shares were re-issued at ₹ 9 per share, as ₹ 6 per share paid up.
Pass necessary journal entries for the above transactions in the books of the company.
[Ans. Amount received on allotment ₹ 13,000; Amount received on first call ₹ 30,000; Capital Reserve ₹ 13,000.]
Solution:-
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