Question 28 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Q-28 - CH-8 - Usha +2 Book 2018 - Solution-min

Question 28 Chapter 8 of +2-Part-1

28.(Forfeiture of Shares) Rajan was allotted 150 shares of Rs. 100 each by Duplex Company. He could not pay first call of Rs. 25 and final call of Rs. 15 on his shares, consequently, his shares were forfeited.

Pass entry for the forfeiture.

The solution of Question 28 Chapter 8 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
A) Share capital A/c (150X 100) Dr.   15,000  
  To Share Forfeited A/c       9,000
  To Calls in arrears A/c (150 X 40)       6,000
  (Being forfeiture of 150 shares for non payment of first call & final call money )      

It all about Question 28 Chapter 8 of +2-Part-1, If you have any problem please comment below.

Forfeiture of shares – Its accounting Entries

You can also Check out the solved question of other Chapters: –

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 1 min - Question 28 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

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