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[ISC] Q. 38 Solution of Share Capital TS Grewal ISC 2023-24 Edition

Question 38 of 79Chapter 7Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 38, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

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Question 38

Lovely Ltd. issued 40,000 shares of ₹ 10 each payable as follows:

On application ₹ 6 and balance on allotment.

Applications were received for 65,000 shares. Shares were allotted on pro rata basis of the applicants of 50,000 shares. Money overpaid on applications was employed on account of sum due on allotment. All the shareholders have paid the amount up to allotment except Mohan, the allottee of 8,000 shares.

Pass necessary Journal entries.

TS Grewal Class 12 Issue of Share Capital Question 38

Solution

Solution of Q 38 Issue of Share Capital TS Grewal 2023-24 part 1
Solution of Q 38 Issue of Share Capital TS Grewal 2023-24 part 2
Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo
Solution of Q 38 Issue of Share Capital TS Grewal 2023-24 part 3
Solution of Q 38 Issue of Share Capital TS Grewal 2023-24 part 4
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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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