Q 95 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 95 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Y Ltd. forfeited 100 shares of ₹ 10 each issued at 20% premium (to be paid at the time of allotment) on which first call money of ₹ 3 was not received; the final call money of ₹ 2 is not yet called. These shares were subsequently re-issued at ₹ 7 per share as ₹ 8 paid-up. Give necessary journal entries regarding forfeiture and re-issue of shares.

[Ans. Capital Reserve ₹ 400.]

Solution:-