Q.88 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 88, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 88
Amal had applied for 7,000 shares of ₹ 10 each at a premium of ₹ 5 per share. He was allotted 4,000 shares on pro rata basis. After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 7 per share (including premium) and on his subsequent failure to pay the first call of ₹ 3 per share, his shares were forfeited. Calls not received were transferred to Calls-in-Arrears Account. These shares were reissued at the rate of ₹ 8 per share credited as fully paid.
Pass Journal entries to record the forfeiture and reissue of shares.
Solution
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