T S Grewal Solutions 2026-27 [Class 12] – Issue of Shares– Q 71 to 80

Solution for Q 61 to 70 of Chapter 1 of Book 2 - Accounting for Companies of T S Grewal Class 12 Accountancy 2026-27 are given below. The Chapter name is Accounting for share capital class 12 or Issue of Shares. These Solutions are based on topics forfeiture and reissue of shares issued at par

Working notes are given with each solution. These help in understanding the steps and are also important for board exams as marks are given for steps.

These solutions are also useful for CA Foundation, CS Foundation and CMA Foundation students. The solutions will be helpful for students as well as teachers teaching class 12 accounts.

Question 71

In the books of Moneyplus Ltd

Date	Particulars	Dr	Cr	Shares	Per share
01-May-23	Share Capital A/c Dr..	3000		200	15
	To Forfeited Shares A/c		2000	200	10
	To Share 1st Call A/c		1000	200	5
	(Being 200 shares forfeited due to non payment of
	allotment and 1st Call money)

11-May-23	Bank A/c Dr..	2000		200	10
	Forfeited Shares A/c	1000		200	5
	To Share Capital A/c		3000	200	15
	(Being 200 shares reissued)

11-May-23	Forfeited Shares A/c Dr..	1000
	To Capital Reserve A/c		1000
	(Being balance in Forfeited Shares A/c transferred to
	Capital Reserve)

▶ Video Solution: Coming Soon

Question 72

In the books of Khyati Ltd.

Date	Particulars	Dr	Cr	Shares	Per share
1st May	Share Capital A/c Dr..	20000		2000	10
	To Forfeited Shares A/c		15000	2000	7.5
	To Share Final Call A/c		5000	2000	2.5
	(Being 2000 shares forfeited due to non payment of
	1st Call money)

10th June	Bank A/c Dr..	10800		1800	6
	Forfeited Shares A/c	7200		1800	4
	To Share Capital A/c		18000	1800	10
	(Being 1800 shares reissued)

	Forfeited Shares A/c Dr..	6300
	To Capital Reserve A/c		6300
	(Being balance in Forfeited Shares A/c transferred to
	Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount Credited to Share Forefeiture on 1800 shares	13500	(15000/2000 X 1800)
	Discount given on reissue	7200
	Amount transferred to Capital Reserve	6300

▶ Video Solution: Coming Soon

Question 73

In the books of Sunshine Industries

Particulars	Dr	Cr	Shares	Per share
Bank A/c Dr..	500000		20000	25
To Equity Share Application A/c		500000
( Being share application money received for 20000
shares @ Rs 25 per share)

Equity Share Application A/c	500000		20000
To Equity Share Capital A/c		500000		25
		0
( Being share application money received for 20000
shares transferred to Share Capital A/c @ Rs 25 per
share)

Equity Share Allotment A/c	500000		20000
To Equity Share Capital A/c		500000		25
		0
( Being share allotment money for 20000 shares
transferred to Share Capital A/c @ Rs 25 per share)

Bank A/c	500000		20000	25
To Equity Share Allotment A/c		500000
( Being share allotment money received for 20000
shares @ Rs 25 per share )

Equity Share 1st Call A/c	500000		20000
To Equity Share Capital A/c		500000		25
		0
( Being share 1st Call money for 20000 shares
transferred to Share Capital A/c @ Rs 25 per share)

Bank A/c	490000		19600	25
To Equity Share 1st Call A/c		490000
( Being share 1st Call money received for 19600
shares @ Rs 25 per share )

Share Capital A/c Dr..	30000		400	75
To Forfeited Shares A/c		20000	400	50
To Share 1st and Final Call A/c		10000	400	25
(Being 400 shares forfeited due to non payment of
1st Call money)

Bank A/c Dr..	28000		400	70
Forfeited Shares A/c Dr..	2000		400	5
To Share Capital A/c		30000	400	75
(Being 400 shares reissued)

Forfeited Shares A/c Dr..	18000
To Capital Reserve A/c		18000
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount credited to Forfeited Shares on 400 shares	20000
	Discount given on reissue	2000
	Amount transferred to Capital Reserve	18000

▶ Video Solution: Coming Soon

Question 74

In the books of Mahira Ltd.

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	6400		800	8
To Forfeited Shares A/c		4000	5
To Share 1st Call A/c		2400	3
(Being 800 shares forfeited due to non payment of
1st Call money)

Bank A/c Dr..	2800		400	7
Forfeited Shares A/c	400		400	1
To Share Capital A/c		3200	400	8
(Being 1000 shares reissued)

Forfeited Shares A/c Dr..	1600
To Capital Reserve A/c		1600
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Working Note :
Note : Amount transferred to Capital Reserve
Total Amount forfeited				4000
Total shares forfeited				800
Amount forfeited per share				5

Number of shares reissued				400
Amount forfeited on shares reissued				2000
Less - Discount on reissue				400

Amount transferred to Capital Reserve				1600

▶ Video Solution: Coming Soon

Question 75

In the books of Hindustan Manufacturing Ltd.

Particulars	Dr	Cr	Shares	Per share
Equity Share 2nd and Final Call A/c	250000		100000
To Equity Share Capital A/c		250000		2.5
		0
( Being share 2nd and Final Call money for 100000
shares transferred to Share Capital A/c @ Rs 2.5 per
share)

Bank A/c	249750		99900	2.5
To Equity Share 2nd and Final Call A/c		249750
( Being share 2nd and Final Call money received for
99900 shares @ Rs 2.5 per share )

Share Capital A/c Dr..	1000		100	10
To Forfeited Shares A/c		500	100	5
To Share 1st Call A/c		250	100	2.5
To Share 2nd and Final Call A/c		250	100	2.5
(Being 100 shares forfeited due to non payment of
1st Call and 2nd Call money)

Bank A/c Dr..	800		100	8
Forfeited Shares A/c Dr..	200		100	2
To Share Capital A/c		1000	100	10
(Being 100 shares reissued)

Forfeited Shares A/c Dr..	300
To Capital Reserve A/c		300
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :

No of Equity Shares (1000000/10)

1000000

100000

Note :	Amount transferred to Capital Reserve
	Amount paid on 100 shares	500
	Discount given on reissue	200
	Amount transferred to Capital Reserve	300

Hindustan Manufacturing Ltd.

Balance Sheet as at …...

	Particulars	Note No	Rs
I	Equity and Liabilities
	Shareholders Funds
	(a) Share Capital	1	1000000
	(b) Reserves and Surplus	2	300
	Current Liabilities
	Other Current Liabilities
	Total		1000300

II	Assets
	Tangible Assets
	Land	3
	Current Assets
	Cash and Cash Equivalents	4	1000300
	Total		1000300

	Notes to Accounts	Amount	Shares	Per share

1	Share Capital
	Authorised Capital
	Equity Shares of Rs each	0
		0
		0
	Issued Capital
	Equity Shares of Rs each	0
		0
		0
	Subscribed Capital
	Subscribed and Fully Paid Up
	100000 Equity Shares of Rs 10 each	1000000	100000	10

		0
		1000000
	Subscribed but not Fully Paid Up
	Equity Shares of Rs each Rs called Up	0
	Less - Calls in Arrears	0
		0

	Add - Forefeited Shares
	Amount in the Balance Sheet against Share Capital	1000000

2	Reserves and Surplus
	Capital Reserve	300
3	Tangible Assets
	Land
4	Cash and Cash Equivalents
	Cash at Bank	1000300

Note :

All the shares forfeited are reissued as fully paid up, so

entire share capital will come under subscribed and fully

paid up

Company has received full amount on shares after

reissuing the shares and nothing is pending.

Further it has gained Rs 300 standing in capital reserve.

So total cash balance will be Rs 10,00,300

▶ Video Solution: Coming Soon

Question 76

In the books of Star Ltd

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	45000		500	90
To Forfeited Shares A/c		30000	500	60
To 1st Call A/c		15000	500	30
(Being 500 shares forfeited due to non payment of
1st Call money)

Bank A/c Dr..	39000		300	130
To Share Capital A/c		30000	300	100
To Securities Premium Reserve A/c		9000	300	30
(Being 300 shares reissued)

Forfeited Shares A/c Dr..	18000
To Capital Reserve A/c		18000
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :	Calculation of reissue price per share
	Amount received on reissue	39000
	No of shares reissued	300
	Reissue price per share	130

Note :	Amount transferred to Capital Reserve
	Amount paid on 300 shares	18000	(30000/500 X 300)
	Discount given on reissue	0
	Amount transferred to Capital Reserve	18000

▶ Video Solution: Coming Soon

Question 77 (i)

In the books of Devendra Ltd

Date	Particulars	Dr	Cr	Shares	Per share
01-Jan-20	Share Capital A/c Dr..	1000		100	10
	To Forfeited Shares A/c		800	100	8
	To Share Final Call A/c		200	100	2
	(Being 100 shares forfeited due to non payment of
	Final Call money)

1st feb	Bank A/c Dr..	420		60	7
	Forfeited Shares A/c Dr..	180		60	3
	To Share Capital A/c		600	60	10
	(Being 60 shares reissued)

	Forfeited Shares A/c Dr..	300
	To Capital Reserve A/c		300
	(Being balance in Forfeited Shares A/c transferred to
	Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount credited to forfeiture on 60 shares	480	(800/100*60)
	Discount given on reissue	180
	Amount transferred to Capital Reserve	300

▶ Video Solution: Coming Soon

Question 77 (ii)

In the books of Virendra Ltd

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	1200		20	60
To Forfeited Shares A/c		400	20	20
To Calls in Arrears A/c		800	20	40
(Being 20 shares forfeited due to non payment of
Call money)

Bank A/c Dr..	675		15	45
Forfeited Shares A/c Dr..	225		15	15
To Share Capital A/c		900	15	60
(Being 15 shares reissued)

Forfeited Shares A/c Dr..	75
To Capital Reserve A/c		75
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount credited to forfeiture on 15 shares	300	(400/20 X 15)
	Discount given on reissue	225
	Amount transferred to Capital Reserve	75

Note :	No information given in the question on whether allotment, 1st or 2nd call
	is pending. So entry is made in Calls in Arrears A/c in made

▶ Video Solution: Coming Soon

Question 78 (i)

In the books of KBC Ltd

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	2400		300	8
To Forfeited Shares A/c		1500	300	5
To Share 2nd Call A/c		900	300	3
(Being 300 shares forfeited due to non payment of
2nd Call money)

Bank A/c Dr..	3000		300	10
Forfeited Shares A/c Dr..	0		300	0
To Share Capital A/c		3000	300	10
(Being 300 shares reissued)

Forfeited Shares A/c Dr..	1500
To Capital Reserve A/c		1500
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount credit to forfeiture on 300 shares	1500
	Discount given on reissue	0
	Amount transferred to Capital Reserve	1500

▶ Video Solution: Coming Soon

Question 78 (ii)

In the books of KK Ltd

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	4000		400	10
To Forfeited Shares A/c		2400	400	6
To Share Final Call A/c		1600	400	4
(Being 400 shares forfeited due to non payment of
Final Call money)

Bank A/c Dr..	4800		400	12
Forfeited Shares A/c Dr..	0
To Share Capital A/c		4000	400	10
To Securities Premium Reserve A/c		800	400	2
(Being 400 shares reissued)

Forfeited Shares A/c Dr..	2400
To Capital Reserve A/c		2400
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount credited to forfeiture on 400 shares	2400
	Discount given on reissue	0
	Amount transferred to Capital Reserve	2400

▶ Video Solution: Coming Soon

Question 78 (iii)

In the books of Light Ltd

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	2500		250	10
To Forfeited Shares A/c		750	250	3
To Share Allotment A/c		750	250	3
To Share Final Call A/c		1000	250	4
(Being 250 shares forfeited due to non payment of
Allotment and Final Call money)

Bank A/c Dr..	2000		250	8
Forfeited Shares A/c Dr..	500		250	2
To Share Capital A/c		2500	250	10
(Being 400 shares reissued)

Forfeited Shares A/c Dr..	250
To Capital Reserve A/c		250
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount credited to forfeiture on 250 shares	750
	Discount given on reissue	500
	Amount transferred to Capital Reserve	250

▶ Video Solution: Coming Soon

Question 79

Name of Allottee		Rekha	Sunita	Tina	Total
		100 shares	200 shares	300 shares
Share Application - Rs 1	Due	100	200	300	600
	Received	100	200	300	600
	Arrears	0	0	0	0
Share Allotment - Rs 2	Due	200	400	600	1200
	Received	0	400	600	1000
	Arrears	200	0	0	200
Share 1st Call - Rs 3	Due	300	600	900	1800
	Received	0	0	900	900
	Arrears	300	600	0	900
Share 2nd Call - Rs 4	Due	400	800	1200	2400
	Received	0	0	0	0
	Arrears	400	800	1200	2400

In the books of …

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	6000		600	10
To Forfeited Shares A/c		2500
To Share Allotment A/c		200
To Share 1st Call A/c		900
To Share 2nd Call A/c		2400
(Being 600 shares forfeited due to non payment of
allotment and Call money)

Bank A/c Dr..	6600		600	11
To Share Capital A/c		6000	600	10
To Securities Premium Reserve A/c		600	600	1
(Being 600 shares reissued)

Forfeited Shares A/c Dr..	2500
To Capital Reserve A/c		2500	1250
(Being balance in share forfeiture A/c transferred to
Capital Reserve)

▶ Video Solution: Coming Soon

Question 80 (i)

In the books of Basak Ltd

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	140		20	7
To Share Forfeiture A/c		100	20	5
To Calls in Arrears		40	20	2
(Being 20 shares forfeited due to non payment of
Call money)

Bank A/c Dr..	120		15	8
To Share Capital A/c		105	15	7
To Securities Premium Reserve A/c		15	15	1
(Being 15 shares reissued)

Forfeited Shares A/c Dr..	75
To Capital Reserve A/c		75
(Being balance in share forfeiture A/c transferred to
Capital Reserve)

Note :	Amount transferred to Capital Reserve
	Amount credited to forfeiture on 15 shares	75	(100/20 X 15)
	Discount given on reissue	0
	Amount transferred to Capital Reserve	75

▶ Video Solution: Coming Soon

Question 80 (ii)

In the books of Y Ltd

Particulars	Dr	Cr	Shares	Per share
Share Capital A/c Dr..	720		90	8
Securities Premium Reserve A/c Dr..	180		90	2
To Forfeited Shares A/c		450	90	5
To Shares Allotment A/c		450	90	5
(Being 90 shares forfeited due to non payment of
allotment money)

Bank A/c Dr..	800		80	10
To Share Capital A/c		640	80	8
To Securities Premium Reserve A/c		160	80	2
(Being 80 shares reissued)

Forfeited Shares A/c Dr..	400
To Capital Reserve A/c		400
(Being balance in Forfeited Shares A/c transferred to
Capital Reserve)

Note :	Calculation of amount payable on appplicable per share
	Amount called up till date		8
Less	Amount payable on allotment	5
	Less - Premium on allotment	2	3
	Amount Payable per share on Application		5

Note :	Amount transferred to Capital Reserve
	Amount credited to forfeiture on 80 shares	400	(450/90 X 80)
	Discount given on reissue	0
	Amount transferred to Capital Reserve	400

▶ Video Solution: Coming Soon

Q 1-10 | Q 11-20 | Q 21-30 | Q 31-40 | Q 41-50 | Q 51-60 | Q 61-70 | Q 71-80 | Q 81-90 | Q 91-100 | Q 100-110 | Q 110-115

T S Grewal Solutions – Issue of Shares – All Questions

T S Grewal Solutions Class 12 2026-27 – All Chapters

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