[ISC] Q. 11 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 11, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 11
Gulab & Co. Ltd. issued for subscription 10,000 shares of ₹ 100 each at a premium of ₹ 20 per share payable as follows:
- ₹ 10 per share on application;
- ₹ 40 per share and ₹ 10 premium on allotment; and
- ₹ 50 per share and ₹ 10 premium on the first and final call.
Excess payments on application were to be applied towards amounts due on allotment and over payments on the application exceeding amounts due on allotment were to be returned. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted 1,000 shares and applicants for 2,000 shares were sent letters of regret and application deposits were returned to them. All the amounts due on allotment and the first and final call were duly received.
Pass the necessary entries in the company’s books and prepare the 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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