DK Goel Solutions Q 62 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 62, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 62
Hindustan Steel Ltd. invited applications for 50,000 equity shares of ₹ 10 each at a premium of ₹ 4 per share. The amount was payable as follows :
- On Application ₹ 4 (including premium ₹ 2)
- On Allotment ₹ 6 (including premium ₹ 2)
- On First and Final Call Balance
Applications for 60,000 shares were received. Allotment was made to all the applicants on pro-rata basis. Excess application money was adjusted towards sums due on allotment. Ram, to whom 500 shares were allotted, failed to pay allotment and call money. Shyam, to whom 1,000 shares were allotted, failed to pay the call money. These shares were forfeited. Out of the forfeited shares 1,200 shares (including all shares of Shyam) were re-issued at 10% discount as fully paid-up.
Pass the necessary journal entries in the books of the company by opening ‘Calls in Arrears A/c’ wherever necessary.
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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