[ISC] Q. 54 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 54, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 54
Sony Ltd. invited applications for 6,000 shares of ₹ 10 each. Applications were received for 8,000 shares. Applications for 1,000 shares were rejected and amount refunded. Application money received on the other 1,000 shares was adjusted to allotment account. The amount payable on shares was ₹ 2 per share on application, ₹ 4 per share on allotment and the balance on the first call. One shareholder of 100 shares did not pay the first call money and his shares were forfeited.
Pass necessary Journal entries and prepare Cash Book in the books of the company to record the above 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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