DK Goel Solutions Q 25 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 25, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 25
X Ltd. was registered with an authorised capital of 2,00,000 shares of ₹ 10 each. It purchased assets of Y Ltd. for ₹ 3,00,000 and issued fully paid shares for purchase consideration. It also invited applications for 1,20,000 shares payable as under :
- ₹ 2.50 on application
- ₹ 2.50 on allotment
- ₹ 2 on first call and ₹ 3 on final call.
Amount due on allotment and first call was duly received. However, a shareholder holding 400 shares did not pay the final call. Directors forfeited the shares of defaulting shareholder and reissued them at ₹ 8.50 per share as fully paid up. Pass entries in the Cash Book and Journal. Show the Share Capital in the Balance Sheet of the Company.
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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