Solution of Q 61 Accounting for Share Capital TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 61, Chapter 9 Company Accounts – Accounting for Share Capital, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 61
Slow & Steady Ltd. invited applications for 10,000 Equity Shares of ₹ 10 each for public subscription. The amount of these shares was payable as:
On application ₹ 1 per share, on allotment ₹ 2 per share, on first call ₹ 3 per share and on second and final call ₹ 4 per share.
All sums payable on application, allotment and calls were duly received with the following exceptions:
- (i) A, who held 200 shares, failed to pay the money on allotment and calls.
- (ii) B, to whom 150 shares were allotted, failed to pay the money on first call and final call.
- (iii) C, who held 50 shares, did not pay the amount of second and final call.
The shares of A, B and C were forfeited and were subsequently reissued for cash as fully paid-up at a discount of 5%.
Pass necessary Journal entries to record these transactions in the books of the company.
Solution
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About this solution
This is Chapter 9 Company Accounts – Accounting for Share Capital of TS Grewal Edition 2022-23.
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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