Question 61 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 61 Chapter 8 of +2-A

61. A share of ₹ 100 issued at a premium of ₹ 10 on which ₹ 80 (including premium) was called and ₹ 60 (including premium) was paid, has been forfeited. This share was afterwards reissued as fully paid-up for ₹ 70 . Give Journal entries to record the above.
Record the above in the company ‘s journal and prepare the balance sheet.

The solution of Question 61 Chapter 8 of +2-A: - 

Date	Particulars		L.F.	Debit	Credit
	Share capital A/c	Dr		70
	To Share calls in arrear A/c				50
	To forfeited shares A/c				30
	(Being share forfeited )
	Bank A/c	Dr		70
	Share forfeiture A/c	Dr		30
	To Share premium A/c				100
	(Being forfeited share reissue )
	Forfeited share A/c	Dr		20
	To capital Reserve A/c				20
	(Being the gain on reissue transferred to capital reserve )

 

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

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