Question 57 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 57 Chapter 8 of +2-A – T.S. Grewal 12 Class

By Shubham Sharma 6 Min Read December 20, 2020

Question No.57. - Chapter No.8 - T.S. Grewal +2 Book 2019-Solution-min-min

Question 57 Chapter 8 of +2-A

Table of Contents

The solution of Question 57 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)

57. Ahold 100 shares of 10 each on which he has paid Rs 1 per share on application.
B holds 200 shares of Rs 10 each on which he has paid Rs 1 and Rs 2 per share on application and allotment respectively.
C holds 300 shares of Rs 1 each and has paid Rs 1 on the application , Rs 2 on allotment and 3 on the first call.
They all fail to pay their arrears and the second call of Rs 2 per share. Shares are forfeited and subsequently reissued @Rs 11 per share as fully paid-up.
Journalise the above.

The solution of Question 57 Chapter 8 of +2-A: –


Date	Particulars		L.F.	Debit	Credit
	Share capital A/c	Dr		800
	To calls in arrear/c				100
	To forfeited shares A/c				700
	(Being share forfeited )
	Share capital A/c	Dr		1,600
	To calls in arrear A/c				600
	To forfeited shares A/c				1,000
	(Being share forfeited )
	Share capital A/c	Dr		2,400
	To calls in arrear A/c				1,800
	To forfeited shares A/c				600
	(Being share forfeited )
	Bank A/c	Dr		6,600
	To Share capital A/c				6,000
	To Share premium A/c				600
	(Being forfeited share reissue )
	Forfeited share A/c	Dr		2,500
	To capital Reserve A/c				2,500
	(Being the gain on reissue transferred to capital reserve )

Calculation of capital reserve
Particulars	Details	Amount
Total Share Forfeiture (Cr.)		2,500
(Total share forfeiture Cr. =100+600+1800=2500 )

Less: Share Forfeiture Debit		(0)

Balance in Share Forfeiture A/c		2500