Q.97 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 97, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 97
Arvind Ltd. issued 20,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
On Application — ₹ 6
On Allotment — ₹ 3 (including premium)
On First Call — ₹ 2
On Second and Final Call — ₹ 1
Applications were received for 30,000 shares. Applications for 6,000 shares were rejected and pro rata allotment was made to the remaining applicants.
Abhay, who was allotted 500 shares failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited. Of these, 300 shares were reissued as fully paid-up for ₹ 6 per share.
Journalise the transactions to record the forfeiture and reissue of shares.
Solution
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About this solution
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