Question 44 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 44 Chapter 8 of +2-A – T.S. Grewal 12 Class

By Shubham Sharma 6 Min Read December 20, 2020

Question No.44. - Chapter No.8 - T.S. Grewal +2 Book 2019-Solution-min-min

Question 44 Chapter 8 of +2-A

Table of Contents

The solution of Question 44 Chapter 8 of +2-A: –

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

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

44. A company issued 10,000 shares of the value of Rs 10 each, payable Rs 3 on the application , Rs 3 on the allotment and Rs 4 on the first and final call. All the amount are duly received except the call money on 100 shares these shares are subsequently forfeited by directors and are resolved as fully paid –up for Rs 500.
Give necessary journal entries.

The solution of Question 44 Chapter 8 of +2-A: –


Particulars		L.F.	Debit	Credit
Bank A/c	Dr		30,000
To share application A/c				30,000
(Being the application money received )
Share application A/c	Dr		30,000
To Share capital A/c				30,000
(Being application money transferred to equity share capital )
Share allotment A/c	Dr		30,000
To Share capital A/c				30,000
(Being the allotment money due )
Bank A/c	Dr		30,000
To Share allotment A/c				30,000
(Being allotment money received )
Share first call A/c	Dr		40,000
To share allotment. A/c				40,000
(Being the first call money due )
Bank A/c	Dr		39,600
Calls in arrear A/c	Dr		400
To Share first call A/c				40,000
(Being first call money received )
Share capital A/c	Dr		1,000
To Share the first and final call. A/c				400
To Shares forfeit A/c				600
(Being share forfeited )
Bank A/c	Dr		500
Shares forfeit A/c	Dr		500
To Share capital A/c				1,000
(Being forfeited share were reissued )
Forfeited share A/c			100
To capital Reserve A/c				100
(Being the gain on reissue transferred to capital reserve )