DK Goel Solutions Q 42 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 42, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 42
Paliwal Exports Ltd. with a share capital of ₹ 10,00,000 divided into 20,000 shares of ₹ 50 each offers the shares to the public as under :
₹ 15 per share payable on application; ₹ 15 per share payable on allotment; ₹ 10 per share payable on Ist call; and ₹ 10 per share payable on second call.
Shareholder ‘A’ who holds 200 shares has paid only the application money.
Shareholder ‘B’ who holds 300 shares has paid only the application and allotment money.
Shareholder ‘C’ who holds 400 shares has paid application, allotment and first call money.
The company forfeits the shares of the above shareholders who have not paid the arrears and re-issued 600 of these shares at a discount of 20%.
Journalise the above transactions including entries relating to Bank in the books of Paliwal Exports Ltd.
Solution
All questions of Chapter 6
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About this solution
This is Chapter 6 Accounting for Companies – Issue of Shares of DK Goel For 2024 Examinations.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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