Q.100 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 100, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 100
SaReGaMa Ltd. invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium of ₹ 10. The amount was payable as follows:
On Application — ₹ 30
On Allotment — ₹ 30 (including a premium of ₹ 10)
On First Call — ₹ 30
On Final Call — Balance
Applications of 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants. Excess money received on application was adjusted on sums due on allotment. Dhwani, who was allotted 1,600 shares, failed to pay allotment money and Sargam who applied for 6,000 shares did not pay first call money. These shares were forfeited immediately after first call. 2,000 of these shares (including all shares of Dhwani were issued to Tarang for ₹ 95 per share as ₹ 80 paid-up. Pass necessary Journal entries in books of Saregama Ltd. by opening Calls-in-Arrear and Calls-in-Advance Accounts, if final call has not been made.
Solution
All questions of Chapter 8
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About this solution
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