[ISC] Q. 36 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 36, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 36
GSC IT Solutions Ltd. issued 20,000 Equity Shares of ₹ 10 each payable as ₹ 3 on application, ₹ 3 on allotment and ₹ 4 on call. The issue was oversubscribed to the extent of 15,000 shares, and the allotment was made as follows:
Applicants of 5,000 shares were given full allotment. Other applicants of shares were allotted shares on a pro rata basis. The excess application money received was to be adjusted on allotment only. All money due was received with the exception of the call money on 400 shares.
Pass necessary Journal entries to record the above transactions.
Solution
All questions of Chapter 7
Orange = this question · Grey = already opened.
About this solution
This is Chapter 7 Issue of Shares of ISC 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 Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.