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Question 66 Chapter 8 of +2-A
66. Pass necessary journal entries in the books of the company for the following transactions:
Vishesh Ltd. forfeited 1,000 Equity Shares of ₹ 10 each issued at a premium of ₹ 2 per share for non-payment of allotment money of ₹ 5 per share including premium. The final call of ₹ 2 per share was not yet called on these shares. Of the forfeited shares, 800 shares were reissued at ₹ 12 per share as fully paid-up.
The remaining shares were reissued at ₹ 11 per share fully paid-up.
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Share capital A/c | Dr | 8,000 | |||
| Securities Premium A/c | Dr | 2,000 | |||
| To Share calls in arrear A/c | 5,000 | ||||
| To forfeited shares A/c | 5,000 | ||||
| (Being share forfeited ) | |||||
| Bank A/c | Dr | 9,600 | |||
| To Share capital A/c | 8,000 | ||||
| To Share premium A/c | 1,600 | ||||
| (Being forfeited share reissue ) | |||||
| Bank A/c | Dr | 2,200 | |||
| To Share capital A/c | 2,000 | ||||
| To Securities premium A/c | 200 | ||||
| (Being forfeited share reissue ) | |||||
| Forfeited share A/c | Dr | 5,000 | |||
| To capital Reserve A/c | 5,000 | ||||
| (Being the gain on reissue transferred to capital reserve ) | |||||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 66 Chapter 8 of +2-A - T.S. Grewal 12 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 12 Class Book Keeping Part - A - Vol. 2.
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