Question 30 Chapter 8 of +2-Part-1 – USHA Publication 12 Class Part – 1

Q-30 - CH-8 - Usha +2 Book 2018 - Solution-min

Question 30 Chapter 8 of +2-Part-1

30. (Forfeiture before Final Call) Raxon Company forfeited 500 shares of Rs. 10 each issued at 10% premium. Application money Rs. 4 (including premium) has been received. Allotment 3 has not been received. Final call has not been made pass forfeiture entry.


The solution of Question 30 Chapter 8 of +2 Part-1: –

Journal
Date   Particulars
L.F. Debit Credit
A) On Forfeiture Share capital A/c Dr.   3,000  
  To Share Forfeited A/c       1,500
  To Calls in arrears A/c       1,500
  (Being 500 shares forfeited , allotment money not received @ Rs. 3 per share )      

It all about Question 30 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 30 Chapter 8 of +2-Part-1 - USHA Publication 12 Class Part - 1
Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firm

Leave a Reply

Your email address will not be published. Required fields are marked *