Q.53 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 53, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 53
Ankit Ltd. issued 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share, payable as:
On Application : ₹ 3
On Allotment : ₹ 5 (including premium)
On First Call : ₹ 2
On Second and Final Call : ₹ 2
Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases.
Case 1. Vijay did not pay allotment money and his shares were immediately forfeited.
Case 2. Vijay did not pay allotment and first call, his shares were forfeited after first call.
Case 3. Vijay failed to pay first call and his shares were forfeited immediately.
Case 4. Vijay failed to pay both the calls and his shares were forfeited.
Solution
All questions of Chapter 8
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About this solution
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