[ISC] Q. 42 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 42, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 42
Home Depot Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: on application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share and on final call ₹ 2 per share.
Mahesh was allotted 100 shares. Give necessary Journal entry relating to the forfeiture of shares in each of the following alternative cases:
- Case 1: If Mahesh failed to pay the allotment money and his shares were forfeited.
- Case 2: If Mahesh failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited.
- Case 3: If Mahesh failed to pay the first call and on his subsequent failure to pay the final call, his shares were forfeited.
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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