Q 86 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 86 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Shaktimaan Ltd. invited applications for issuing 1,00,000 Shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as ₹ 4 on application (including premium); ₹ 5 on Allotment and balance on call. Applicants were received for 1,80,000 shares of which Applications for 30,000 shares were rejected and remaining applicants were allotted on pro-rata basis.

Manthan, holding 5,000 shares failed to pay call money and his shares were forfeited. Out of these, 2,000 shares were re-issued at premium of ₹ 3 per share.

Prepare Cash Book and pass necessary entries by opening Calls in Arrears Account.

[Ans. Cash at Bank ₹ 12,11,000; Capital Reserve ₹ 14,000.]

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