Question 63 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 63 Chapter 8 of +2-A

Table of Contents

The solution of Question 63 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)

63. VT Ltd forfeited 200 shares of ₹ 10 each, issued at a premium of ₹ 5 per share, held by Mohan for non-payment of the final call of ₹ 3 per share. 100 out of these shares were reissued to Narendra at a discount of ₹ 4 per share. Journalise.

The solution of Question 63 Chapter 8 of +2-A: –


Date	Particulars		L.F.	Debit	Credit
	Share capital A/c	Dr		2,000
	To Share calls in arrear A/c				600
	To forfeited shares A/c				1,400
	(Being share forfeited )
	Bank A/c	Dr		600
	Share forfeiture A/c	Dr		400
	To Share capital A/c				1,000
	(Being forfeited share reissue )
	Forfeited share A/c	Dr		300
	To capital Reserve A/c				300
	(Being the gain on reissue transferred to capital reserve )

Particulars	Details	Amount
Calculation of capital reserve


Share Forfeiture (Cr.)	Rs 700
Less: Share Forfeiture Debit	(400)


Balance in Share Forfeiture A/c		300