[ISC] Q. 44 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 44, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 44
Deep Borewell Ltd. issued to the public 20,000 Equity Shares of ₹ 10 each payable ₹ 4 on application, ₹ 2 on allotment, ₹ 2 on first call and the balance on final call. Applications were received for 35,000 shares. Applications for 10,000 shares were rejected. Those totalling 15,000 shares were allotted 10,000 shares and the remaining applications were accepted in full. The excess application money was utilised towards the money due on allotment. Both the calls were made. One shareholder holding 500 shares failed to pay the two calls and as a consequence his shares were forfeited. 200 of these shares were reissued as fully paid @ ₹ 6 per share.
Pass entries in the company’s Journal, Cash Book and prepare 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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