Solution of Q 48 Share Capital TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 48, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 48
Ankit Ltd. issued 20,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share, payable as:
On Application : ₹ 3
On Allotment : ₹ 5 (including premium)
On First Call : ₹ 2
On Second and Final Call : ₹ 2
Vijay was allotted 500 shares. Pass the necessary Journal entries relating to the forfeiture of shares in following cases.
Case 1. Vijay did not pay allotment money and his shares were immediately forfeited.
Case 2. Vijay did not pay allotment and first call, his shares were forfeited after first call.
Case 3. Vijay failed to pay first call and his shares were forfeited immediately.
Case 4. Vijay failed to pay both the calls and his shares were forfeited.
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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