Q.75 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 75, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 75
Slow & Steady Ltd. invited applications for allotment of 10,000 Equity Shares of ₹ 10 each from public. The amount of these shares was payable as:
On application ₹ 1 per share, on allotment ₹ 2 per share, on first call ₹ 3 per share and on second and final call ₹ 4 per share.
Amounts payable on application, allotment and calls were duly received with the following exceptions:
- (i) A, who held 200 shares, failed to pay the money on allotment and calls.
- (ii) B, to whom 150 shares were allotted, failed to pay the money on first call and final call.
- (iii) C, who held 50 shares, did not pay the amount of second and final call.
The shares of A, B and C were forfeited and were subsequently reissued for cash as fully paid-up at a discount of 5%.
Pass necessary Journal entries to record these transactions in the books of the company.
Solution
All questions of Chapter 8
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About this solution
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Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
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