[ISC] Q. 66 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 66, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 66
Krishna & Co. Ltd., with an authorised capital of ₹ 2,00,000 divided into 20,000 Equity Shares of ₹ 10 each, issues the entire amount of the shares payable as follows:
₹ 5 on application (including premium ₹ 2 per share), ₹ 4 on allotment, and ₹ 3 on call.
Application money was received for ₹ 2,25,000. The company decided to refund excess application money on 25,000 shares and allot the remaining. All the share moneys were received in full with the exception of the allotment on 200 shares and the call money on 500 shares (including 200 shares on which the allotment money has not been paid). The above 500 shares are duly forfeited and 400 of these (including 200 shares on which the allotment money has not been paid) are reissued @ ₹ 7 per share payable by the purchaser as fully paid-up.
Pass Journal entries (including cash transactions) and show the balances in Balance Sheet giving effect to the above transactions.
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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