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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
150 shares of ₹10 each, issued at a premium of ₹4 per share payable with allotment, were forfeited for non-payment of allotment money of ₹8 per share (including premium). The first and final call of ₹4 per share had not yet been made. These shares were subsequently reissued for ₹15 per share, fully paid-up. Pass Journal entries in the books of X Ltd. for the above. (NCERT, Modified)
JOURNAL (Books of X Ltd.)
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Share Capital A/c (150 × ₹6) Dr. | 900 | |||
| Securities Premium Reserve A/c (150 × ₹4) Dr. | 600 | |||
| To Share Allotment A/c (150 × ₹8) | 1,200 | |||
| To Share Forfeiture A/c (150 × ₹2) | 300 | |||
| (150 shares, ₹6 called-up, forfeited for non-payment of allotment money of ₹8 per share, including ₹4 premium) | ||||
| Bank A/c (150 × ₹15) Dr. | 2,250 | |||
| To Share Capital A/c (150 × ₹10) | 1,500 | |||
| To Securities Premium Reserve A/c (150 × ₹5) | 750 | |||
| (150 shares reissued at ₹15 per share, fully paid-up) | ||||
| Share Forfeiture A/c Dr. | 300 | |||
| To Capital Reserve A/c | 300 | |||
| (Balance of Share Forfeiture Account transferred to Capital Reserve) |
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 "T.S. Grewal Class 12 Vol 2 Chapter 1 Q.87 - Share Capital", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 1 - Share Capital.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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