DK Goel Solutions Q 60 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 60, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 60
Suzuki Limited issued a prospectus inviting applications for 60,000 shares of ₹ 10 each at a premium of 30% payable as follows : On Application ₹ 3.50; On Allotment ₹ 5.50 (including premium) : On First Call ₹ 2 and on Second Call ₹ 2.
Applications were received for 95,000 shares and allotment was made pro-rata to applicants of 80,000 shares. Money over-paid on applications were employed on account of sums due on allotment.
X, to whom 1,500 shares were allotted failed to pay the allotment money and on his subsequent failure to pay the First Call his shares were forfeited. Y, the holder of 2,400 shares failed to pay the two calls and his shares were forfeited after the Second Call. Of the shares forfeited, 3,000 shares were sold to Z as fully paid, Z paying ₹ 8.50 per share, the whole of Y’s share being included.
Give journal entries and prepare Bank Account.
Solution
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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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