DK Goel Solutions Q 57 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 57, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 57
A company issued 10,000 shares of ₹ 10 each at a premium of ₹ 1 per share, payment to be made as follows :
- On Application ₹ 3
- On Allotment ₹ 4 (including premium)
- On First call ₹ 2
- On Second and final call ₹ 2
Applications were received for 20,000 shares. Applications for 5,000 shares were rejected and allotment was made proportionately to the remaining applicants. The directors made both the calls and all the money were received, except the allotment, first call and final call on 400 shares, which were subsequently forfeited. Later, 300 of the forfeited shares were re-issued as fully paid @ ₹ 15 per share. Give journal entries to record the above.
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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