Question 67 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 67 Chapter 8 of +2-A

Table of Contents

The solution of Question 67 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)

67. 150 shares of ₹ 10 each issued at a premium of ₹ 4 per share payable with allotment were forfeited for non-payment of allotment money of ₹ 8 per share including premium. The first and final call of ₹ 4 per Pass Journal entries in the books of X Ltd. for the above.

The solution of Question 67 Chapter 8 of +2-A: –


Date	Particulars		L.F.	Debit	Credit
	Share capital A/c	Dr		900
	Securities Premium A/c	Dr		600
	To Share calls in arrear A/c				1,200
	To forfeited shares A/c				300
	(Being share forfeited )
	Bank A/c	Dr		2,250
	To Share capital A/c				1,500
	To Share premium A/c				750
	(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 )