[ISC] Q. 51 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 51, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 51
Tapsi Ltd. invited applications from the public for the issue of 55,000 Equity shares of ₹ 10 each payable as:
- ₹ 3 on Application
- ₹ 5 on Allotment
- Balance on Call
The public applied for 50,000 shares which were duly allotted by the company.
₹ 2,49,000 were received by the company on allotment and ₹ 99,400 on call.
The company forfeited those shares on which both, allotment and call money was not received.
70% of the forfeited shares were reissued at ₹ 7 per share, fully called-up.
The company paid share issue expenses of ₹ 20,000 which were completely written off at the end of the year.
The company had ₹ 15,000 in its Securities Premium Reserve Account.
You are required to pass Journal entries to record the above transactions in the books of the company.
Solution
All questions of Chapter 7
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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.
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