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CBSE Class 12-commerce Answered

Gupta Ltd. invited applications for issuing 30,000 Equity Shares of Rs. 10 each at a premium of Rs. 30 share. The amount was payable as follows:  On Application                   - Rs. 10 per share (including 8 Premium), On Allotment                      - Rs. 12 per share (including 9 Premium), On First and Final Call       - Balance.    Applications for 27,000 shares were received. All the calls were made and were duly received except on 3,000 shares held by Shiva who failed to pay the Allotment and First and Final call money and on 2,000 shares of Girdhar who did not pay the First and Final call. Shares of Shiva and Girdhar were  forfeited. Out of the forfeited shares, 4,000 shares were reissued, including all the shares of Girdhar at Rs. 17 per share as fully paid-up.  Pass necessary Journal entries in the books of Gupta Ltd. for the above transactions. 
Asked by Kirokiro.vvip | 20 Nov, 2019, 11:01: AM
answered-by-expert Expert Answer
The question asked is from the chapter Accounting for Share Capital where shares are forfeited on non-payment of allotment and call money. Such forfeited shares are then reissued at a later date.
 
Complete solutions along with the detailed workings for all similar questions are provided under text book solutions on our website the below mentioned link:
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Answered by Surabhi Gawade | 20 Nov, 2019, 12:26: PM

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