Question 50 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 50 Chapter 8 of +2-A – T.S. Grewal 12 Class

By Shubham Sharma 5 Min Read December 20, 2020

Question No.50. - Chapter No.8 - T.S. Grewal +2 Book 2019-Solution-min-min

Question 50 Chapter 8 of +2-A

Table of Contents

The solution of Question 50 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)

50. On 1st May 2014 directors of A ltd. Forfeited 200 shares 0f 20 each, Rs 15 per share called-upon which Rs 10 per share has been paid by A, the amount of the first call of Rs 5 per share being unpaid. Ten days later, the director reissued the forfeited shares to B credited as Rs 15 per share being paid-up for a payment of Rs 10 per share.

The solution of Question 50 Chapter 8 of +2-A: –


Date	Particulars		L.F.	Debit	Credit
	Share capital A/c	Dr		3,000
	To Share second and final call A/c				1,000
	To forfeited shares A/c				2,000
	(Being share forfeited )
	Bank A/c	Dr		2,000
	Share forfeiture A/c	Dr		1,000
	To Share capital A/c				3,000
	(Being forfeited share reissue )
	Forfeited share A/c	Dr		1,000
	To capital Reserve A/c				1,000
	(Being the gain on reissue transferred to capital reserve )

Particulars	Details	Amount
Calculation of capital reserve

Share Forfeiture (Cr.)		2,000

Less: Share Forfeiture Debit		(1,000)


Balance in Share Forfeiture A/c		1,000