Q.76 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 76, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 76
‘Venus Ltd.’ was registered with an authorised capital of ₹ 40,00,000 divided into 4,00,000 equity shares of ₹ 10 each. 70,000 of these shares were issued as fully paid to ‘M/s. Star Ltd.’ for building purchased from them. 2,00,000 shares were issued to the public and the amounts were payable as follows:
On Application — ₹ 3 per share; On Allotment — ₹ 2 per share
On First Call — ₹ 2 per share; On Second and Final Call — ₹ 3 per share
The amounts received on these shares were as follows:
On 1,00,000 shares — Full amount called; On 60,000 shares — ₹ 7 per share
On 30,000 shares — ₹ 5 per share; On 10,000 shares — ₹ 3 per share
The directors forfeited 10,000 shares on which only ₹ 3 per share were received. These shares were reissued at ₹ 12 per share fully paid. Pass necessary Journal entries for the above transactions in the books of Venus Ltd.
Solution
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About this solution
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