Q.94 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 94, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 94
Abhipra Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows:
On Application — ₹ 14 per share (including premium of ₹ 10),
On Allotment — ₹ 8 per share (including premium of ₹ 5)
On First and Final Call — ₹ 8 per share (including premium of ₹ 5).
Applications for 90,000 shares were received. Paresh, a shareholder holding 5,000 shares, did not pay the allotment money and call. While Dharam, holder of 3,000 shares, did not pay the call. Shares of Paresh and Dharam were forfeited. Of the forfeited shares, 5,000 shares including 3,000 shares of Paresh and 2,000 shares of Dharam were reissued to Parul at ₹ 8 per share as fully paid-up.
Pass necessary Journal entries for the above transactions in the books of Abhipra Ltd.
Solution
All questions of Chapter 8
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About this solution
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