DK Goel Solutions Q 50 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 50, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 50
A Co. Ltd. offered to the public 20,000 equity shares of ₹ 100 each at a premium of ₹ 10 per share. The payment was to be as follows :
- On Application ₹ 30 per share
- On Allotment ₹ 30 per share (including premium)
- On First Call ₹ 25 per share
- On Second & Final Call ₹ 25 per share
Applications were received for 35,000 shares. Applications for 10,000 shares were rejected. Applicants for 15,000 shares were allotted 10,000 shares and remaining applications were accepted in full. The Directors made both the calls. One shareholder holding 500 shares failed to pay the two calls and as a consequence his shares were forfeited. 200 of these shares were re-issued as fully paid at ₹ 80 per share.
Expenses of issue came to ₹ 10,000.
Prepare Cash Book and Journal on the basis of information given above. Also show the Share Capital in the Balance Sheet of the Company.
Solution
All questions of Chapter 6
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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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