[ISC] Q. 75 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 75, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 75
Veer Ltd. invited applications for 1,00,000 Equity Shares of ₹ 500 each at a premium of ₹ 100 per share. The amount was payable as:
- On Application—₹ 200 per share;
- On Allotment—₹ 300 per share (including premium);
- On First and Final call—balance.
Applications for 2,00,000 shares were received. Applications for 50,000 shares were rejected and the application money was refunded. Pro rata allotment was made to the remaining applicants. Amount overpaid with application was adjusted towards sums due on allotment.
All calls were made and were duly received except the first and final call on 100 shares allotted to Vasu. These shares were forfeited. The forfeited shares were reissued to Ravi for ₹ 60,000 fully paid-up.
Pass necessary Journal entries in the books of the company for 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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