[ISC] Q. 10 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 10, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 10
Rivera Ltd. issued 50,000 shares of ₹ 10 each at a premium of ₹ 4 per share, payable:
- On application ₹ 4 per share;
- On allotment ₹ 6 per share (including ₹ 2 premium); and
- On final call ₹ 4 per share (including ₹ 2 premium).
Over payments on application were to be applied towards sums due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 and applicants for 2,000 shares were sent letters of regret. All the amounts due on allotment and the final call were duly received.
Pass the necessary entries in company’s books and prepare the Balance Sheet.
Solution
All questions of Chapter 7
Orange = this question · Grey = already opened.
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.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.