[ISC] Q. 32 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 32, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 32
Manik Ltd. issued for subscription 25,000 Equity Shares of ₹ 10 each payable as follows:
on application ₹ 3; on allotment ₹ 3; on first and final call ₹ 4 (three months after allotment).
Applications were received for 32,500 shares and company made allotment in full to the applicants demanding five or more shares and returned money to the applicants for 7,500 shares. One shareholder, who was allotted 500 shares, paid first and final call with allotment money and another shareholder did not pay allotment money on his 750 shares but which he paid with first and final call. Directors decided to charge and allow interest, as the case may be, on Calls-in-Arrears and Calls-in-Advance respectively according to the Provisions of Table F, as is provided in the Articles of Association.
Journalise the transactions including cash 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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