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[ISC] Q. 60 Solution of Share Capital TS Grewal ISC 2023-24 Edition

Question 60 of 79Chapter 7Class 12 · ISC✍ Vijay Adarsh

Step-by-step solution of Question 60, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.

Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo

Question 60

Vatika Ltd. has authorised capital of ₹ 2,00,000, divided into shares of ₹ 20 each, the whole of which is issued and subscribed at a premium of ₹ 2 per share. The amount was payable as follows:

On application and allotment ₹ 12 per share (including premium), and on first call ₹ 2 per share, the balance as and when required.

The application and the allotment money (including premium) were duly received but a shareholder holding 500 shares failed to pay the first call and his shares were forfeited. They were later reissued for ₹ 16 per share fully paid.

Pass Journal entries for the above. Also, prepare Securities Premium Account and Share Capital Account.

TS Grewal Class 12 Issue of Share Capital Question 60

Solution

Solution of Q 60 Issue of Share Capital TS Grewal 2023-24 part 1
Solution of Q 60 Issue of Share Capital TS Grewal 2023-24 part 2
Stuck on this chapter?Watch it explained in the Class 12 Accounts video courseEvery chapter, step by step, by Vijay Adarsh (23 years teaching).Watch free demo
Solution of Q 60 Issue of Share Capital TS Grewal 2023-24 part 3
Solution of Q 60 Issue of Share Capital TS Grewal 2023-24 part 4
Solution of Q 60 Issue of Share Capital TS Grewal 2023-24 part 5
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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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