[ISC] Q. 68 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 68, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 68
Jiyaji Ltd. has an authorised capital of ₹ 4,00,000 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 ₹ 10 per share;
- on first call ₹ 4 per share (including premium);
- the balance as and when required.
The company made both the calls. The application and the allotment moneys were duly received. But a shareholder holding 2,000 shares failed to pay both the calls and his shares were forfeited. They were later reissued at ₹ 14 per share as fully paid.
Pass Journal entries regarding the above.
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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