[ISC] Q. 72 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 72, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 72
On 1st February, 2020, Medipoint Ltd. issued 50,000 Equity Shares of ₹ 10 each @ ₹ 12 per share, payable as ₹ 5 on application (including premium), ₹ 4 on allotment and the balance on 1st May, 2022.
The lists were closed on 10th February, 2022, by which date applications for 70,000 shares had been received. Of the cash received ₹ 40,000 was returned and ₹ 60,000 was applied to the amount due on allotment, the balance of which was paid on 16th February, 2022. All the shareholders paid the call due on 1st May, 2022, with the exception of one allottee of 500 shares. These shares were forfeited on 29th September, 2022.
Give Journal entries to record these transactions and prepare company’s Balance Sheet.
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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