[ISC] Q. 57 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 57, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 57
Akarshan Ltd. invited applications for 10,000 Equity Shares of ₹ 10 each for public subscription. The amount of these shares was payable as:
On application ₹ 1 per share, on allotment ₹ 2 per share, on first call ₹ 3 per share and on second call ₹ 4 per share.
All sums payable on application, allotment and calls were duly received with the following exceptions:
- (i) Muskan, who held 200 shares, failed to pay the money on allotment and calls.
- (ii) Akriti, to whom 150 shares were allotted, failed to pay the money on first call and final call.
- (iii) Charu, who held 50 shares, did not pay the amount of final call.
The shares of Muskan, Akriti and Charu were forfeited and were subsequently reissued for cash as fully paid at a discount of 5%.
Give necessary Journal entries to record these share capital transactions in the books of Akarshan 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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