Q.103 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 103, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 103
Ruchi Ltd. issued for public subscription 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
On Application — ₹ 2 per share,
On Allotment — ₹ 5 per share (including premium),
On First Call — ₹ 2 per share,
On Second and Final Call — ₹ 3 per share.
Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment money and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second and final call was made. All the forfeited shares were reissued as fully paid-up @ ₹ 8 per share.
Give necessary Journal entries for the above transactions.
Solution
All questions of Chapter 8
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About this solution
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