[ISC] Q. 73 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 73, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 73
Wellness Ltd. issued 2,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as follows:
- On Application ₹ 2;
- On Allotment ₹ 5 (including premium);
- On First Call ₹ 3;
- On Second and Final call ₹ 2.
Applications were received for 3,000 shares. Applications for 600 shares were altogether rejected and to the applicants of 2,400 shares, allotment was made on pro rata basis. Money overpaid on application was adjusted towards allotment.
Manohar to whom 80 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited.
Show Journal entries in the books of the company. Final call has not been made yet.
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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