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[ISC] Q. 59 Solution of Share Capital TS Grewal ISC 2023-24 Edition

Question 59 of 79Chapter 7Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 59, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 59

Exe Ltd. issued 1,00,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable, ₹ 3 per share on application, ₹ 5 per share (including premium) on allotment, ₹ 2 per share on the first call and the balance on the second and final call. Ajay was allotted 800 shares. Pass necessary Journal entries for forfeiture of shares in the books of the company in the following cases:

  1. Case 1: Ajay paid application and allotment money when due but could not pay both the calls. His shares were forfeited.
  2. Case 2: Ajay could not pay the allotment and the first call money. His shares were forfeited after the first call.
TS Grewal Class 12 Issue of Share Capital Question 59

Solution

Solution of Q 59 Issue of Share Capital TS Grewal 2023-24 part 1
Solution of Q 59 Issue of Share Capital TS Grewal 2023-24 part 2
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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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