[ISC] Q. 64 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 64, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 64
Deeksha Ltd. issued 25,000 Equity Shares of ₹ 100 each at a premium of ₹ 20 per share payable as ₹ 30 per share on application; ₹ 50 per share on allotment including premium; and ₹ 40 per share on first and final call.
All the shares were subscribed, money due on all shares was received except from Asha, holding 250 shares who failed to pay allotment and call money and Neeru holding 500 shares who failed to pay the first and final call money. All these 750 shares were forfeited. Out of the forfeited shares 375 shares (including all shares of Asha) were subsequently reissued to Raja @ ₹ 80 per share as fully paid.
Pass Journal entries in the books of the company to record the forfeiture and reissue only. Also, show the presentation in the Balance Sheet before and after forfeiture and reissue.
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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