Solution of Q 90 Share Capital TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 90, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 90
SaReGaMa Ltd. invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. The amount was payable as follows:
On Application — ₹ 30
On Allotment — ₹ 30 (including a premium of ₹ 10)
On First Call — ₹ 30
On Final Call — Balance
Applications of 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants. Excess money received on application was adjusted on sums due on allotment. Dhwani, who was allotted 1,600 shares, failed to pay allotment money and Sargam who applied for 6,000 shares did not pay first call money. These shares were forfeited immediately after first call. 2,000 of these shares (including all shares of Dhwani were issued to Tarang for ₹ 95 per share as ₹ 80 paid-up. Pass necessary Journal entries in books of Saregama Ltd. by opening Calls-in-Arrear and Calls-in-Advance Accounts, if final call has not been made.
Solution
All questions of Chapter 8
Orange = this question · Grey = already opened.
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.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.