Solution of Q 46 Share Capital TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 46, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 46
Sangita Limited invited applications for issuing 60,000 shares of ₹ 10 each at par. The amount was payable as follows: on application ₹ 2 per share; on allotment ₹ 3 per share; on first and final call ₹ 5 per share. Applications were received for 92,000 shares.
Allotment was made on the following basis: (a) to applicants for 40,000 shares: full; (b) to applicants for 50,000 shares: 40%; (c) to applicants for 2,000 shares: nil.
₹ 1,08,000 was realised on account of allotment (excluding the amount carried from application money) and ₹ 2,50,000 on account of call. The directors decided to forfeit shares of those applicants to whom full allotment was made and on which allotment money was overdue.
Pass Journal entries in the books of Sangita Limited to record the above transactions.
Solution
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About this solution
This is Chapter 8 Share Capital of TS Grewal Edition 2023-24.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
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