[ISC] Q. 74 Solution of Share Capital TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 74, Chapter 7 Joint Stock Company – Issue of Share Capital, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 74
Pure Soul Ltd. issued to public for subscription 10,000 Equity Shares of ₹ 100 each at premium of ₹ 10 per share. Payments were made as follows:
- On Application ₹ 20;
- On Allotment ₹ 40 (including premium);
- On First and Final call ₹ 50.
Applications were received for 20,500 shares. An application for 500 shares was rejected and allotment of shares was made to other applicants on pro rata basis. The call was also made. All the moneys were duly received except the call money on 50 shares which were forfeited after the requisite notices had been served. Later, all these forfeited shares were reissued as fully paid @ ₹ 90 per share.
Journalise the above-mentioned transactions including cash 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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