Q.105 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 105, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 105
Nitro Paints Ltd. invited applications for issuing 1,60,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share. The amount was payable as follows:
On Application — ₹ 6 per share (Including premium ₹ 1);
On Allotment — ₹ 3 per share (Including premium ₹ 1); and
The balance — on First and Final call.
Applications for 1,80,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants. Over payment received on application was adjusted towards sums due on allotment. All calls were made and were duly received except allotment and final call from Aditya who was allotted 3,200 shares. His shares were forfeited. Half of the forfeited shares were reissued for ₹ 43,000 as fully paid-up.
Pass necessary Journal entries for the above transactions in the books of Nitro Paints Ltd.
Solution
All questions of Chapter 8
Orange = this question · Grey = already opened.
About this solution
Looking for the Q.105 Solution Accounting for Share Capital TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.
Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.