Question 61 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 61 Chapter 8 of +2-A – T.S. Grewal 12 Class

By Shubham Sharma 4 Min Read December 20, 2020

Question No.61. - Chapter No.8 - T.S. Grewal +2 Book 2019-Solution-min-min

Question 61 Chapter 8 of +2-A

Table of Contents

The solution of Question 61 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)

61. A share of ₹ 100 issued at a premium of ₹ 10 on which ₹ 80 (including premium) was called and ₹ 60 (including premium) was paid, has been forfeited. This share was afterwards reissued as fully paid-up for ₹ 70 . Give Journal entries to record the above.
Record the above in the company ‘s journal and prepare the balance sheet.

The solution of Question 61 Chapter 8 of +2-A: –


Date	Particulars		L.F.	Debit	Credit
	Share capital A/c	Dr		70
	To Share calls in arrear A/c				50
	To forfeited shares A/c				30
	(Being share forfeited )
	Bank A/c	Dr		70
	Share forfeiture A/c	Dr		30
	To Share premium A/c				100
	(Being forfeited share reissue )
	Forfeited share A/c	Dr		20
	To capital Reserve A/c				20
	(Being the gain on reissue transferred to capital reserve )