Q 85 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

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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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