[ISC] Q. 43 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 43, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 43
Bluechip Ltd. had issued 20,000 Equity Shares of ₹ 100 each for public subscription. The amounts were payable as follows:
On application ₹ 40, on allotment ₹ 30, on first call ₹ 20 and on second and final call ₹ 10.
Reema, who was allotted 400 shares failed to pay the allotment money and both the calls. Bhushan, who was allotted 600 shares failed to pay both the calls. Charu, who was allotted 800 shares failed to pay the amount due on the second call. The Company after giving proper notices forfeited the shares.
Show Journal entries regarding issue of shares and forfeiture of shares and draw up the Balance Sheet of Bluechip Ltd.
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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