Q 97 DK Goel Issue of Shares Solutions Class 12 CBSE (2024-25)

Solution of Question number 97 of Accounting for Companies Issue of shares chapter 6 of DK Goel Class 12 CBSE (2024-25)

Z Ltd. forfeited 1,200 shares of ₹ 100 each, issued at a premium of 30% to Dinesh on which he had paid application money of ₹ 50 per share and allotment money of ₹ 50 per share (including premium), for non-payment of a first call of ₹ 10 per share. Out of these, 500 shares were re-issued as fully paid at the maximum rate of discount allowed by law. Journalise.

[Ans. Capital Reserve Nil.]

Solution:-