[ISC] Q. 7 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 7, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 7
Canon Ltd. was registered with an authorised capital of ₹ 10,00,00,000 divided into 7,50,000 Equity Shares of ₹ 100 each and 2,50,000; 9% Preference Shares of ₹ 100 each. 1,00,000 Equity and 50,000; 9% Preference Shares were offered to the public on the following terms—Equity Shares payable ₹ 10 on application, ₹ 40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application, ₹ 25 on allotment and ₹ 50 on first and final call. All the shares were applied for and allotted. All the amounts due were duly received.
Pass necessary Journal entries and prepare Cash Book to record the above issue of shares and show the Share Capital in the 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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