DK Goel Solutions Q 48 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 48, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 48
Luxury Cars Ltd. invited applications for issuing 10,000 equity shares of ₹ 50 each at a premium of ₹ 100 per share. The amount was payable as follows :
- On application — ₹ 75 per share (including ₹ 50 premium)
- On allotment — The balance
The issue was fully subscribed. A shareholder holding 400 shares paid his entire share money at the time of application. Another shareholder holding 300 shares did not pay the allotment money. His shares were forfeited. The forfeited shares were later on re-issued for ₹ 90 per share as fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.
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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