DK Goel Solutions Q 64 Chapter 6 Issue of Shares Class 12 CBSE [2023-24]
Step-by-step solution of Question 64, Chapter 6 Accounting for Companies – Issue of Share Capital, DK Goel Class 12 Accountancy 2023-24 for the CBSE Board.
Question 64
Modern Ltd. issued a prospectus inviting applications for 2,00,000 shares of ₹ 10 each at a premium of ₹ 6 per share, payable as follows :
- On Application ₹ 5 (including premium ₹ 2)
- On Allotment ₹ 5 (including premium ₹ 2)
- On Ist Call ₹ 3 (including premium ₹ 1)
- On IInd & Final Call ₹ 3 (including premium ₹ 1)
Applications were received for 2,60,000 shares and pro-rata allotment was made to the applicants for 2,50,000 shares. Excess money paid on applications for these shares was utilised towards allotment.
A, who applied for 1,000 shares, failed to pay the allotment money and his shares were forfeited after allotment.
B, who applied for 1,500 shares, failed to pay the two calls and his shares were also forfeited.
Of the shares forfeited, 1,800 shares were re-issued as fully paid up for ₹ 15 per share, the whole of B’s share being included. Prepare Cash Book and Journal.
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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