Q.66 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 66, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 66
R.P. Ltd. forfeited 1,500 shares of Rahim of ₹ 10 each issued at a premium of ₹ 3 per share for non-payment of allotment and first call money. Rahim had applied for 3,000 shares. On these shares, amount was payable as follows:
On Application ₹ 3 per share,
On Allotment (including premium) ₹ 5 per share,
On First Call ₹ 3 per share,
On Final Call Balance.
Final call has not been called up. 1,000 of the forfeited shares were reissued for ₹ 8,500 as fully paid-up.
Record the necessary Journal entries for the above transactions in the books of R.P. Ltd.
Solution
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