Solution of Q 104 Share Capital TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 104, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 104
XYZ Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 4 per share, payable as:
On Application — ₹ 6 (including ₹ 1 premium),
On Allotment — ₹ 2 (including ₹ 1 premium),
On First Call — ₹ 3 (including ₹ 1 premium),
On Second and Final Call — ₹ 3 (including ₹ 1 premium).
Applications were received for 3,000 shares and pro rata allotment was made on the applications for 2,400 shares. It was decided to utilise excess application money towards the amount due on allotment.
X, to whom 40 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited.
Y, who applied for 72 shares failed to pay the two calls and on his such failure, his shares were forfeited.
Of the shares forfeited, 80 shares were sold to Z credited as fully paid-up for ₹ 9 per share, the whole of Y’s shares being included. Prepare Journal, Cash Book and the Balance Sheet.
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.