Q.99 Solution Accounting for Share Capital TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 99, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 99
Himalaya Company Limited issued for public subscription 1,20,000 equity shares of ₹ 10 each at a premium for ₹ 2 per share payable as under:
On Application — ₹ 3 per share,
On Allotment (including premium) — ₹ 5 per share,
On First call — ₹ 2 per share,
On Second and Final call — ₹ 2 per share.
Applications were received for 1,60,000 shares. Allotment was made on pro rata basis. Excess money on application were adjusted against the amount due on allotment.
Rohan to whom 4,800 shares were allotted, failed to pay for the two calls. These shares were subsequently forfeited after the second call was made. All the shares forfeited were reissued to Teena as fully paid at ₹ 7 per share.
Record Journal entries and show the transactions relating to share capital in the company’s Balance Sheet.
Solution
All questions of Chapter 8
Orange = this question · Grey = already opened.
About this solution
Looking for the Q.99 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.