Solution of Q 66 Share Capital TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 66, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 66
Jain Ltd. invited applications for issuing 1,12,000 equity shares of ₹ 10 each at par. The amount per share was payable as follows:
On Application — ₹ 1
On Allotment — ₹ 2
On First call — ₹ 3
On Second and Final call — ₹ 4
Applications for 1,00,000 shares were received. Shares were fully allotted to all the applicants. Ramesh failed to pay his allotment money which was ₹ 2,000. His shares were forfeited immediately. Suresh did not pay the first call on 500 shares applied by him. His shares were forfeited after the first call. The forfeited shares of Ramesh and Suresh were reissued at ₹ 9 per share fully paid-up. Afterwards the second and final call was made and was duly received.
Pass necessary Journal entries for the above transactions in the books of Jain Ltd.
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.
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