Solution of Q 92 Share Capital TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 92, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 92
Sargam Ltd. invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium. The amount was payable as follows:
- On Application — ₹ 20 per share;
- On Allotment — ₹ 60 (including premium) per share;
- On First and Final Call — ₹ 40 per share.
Applications for 1,20,000 shares were received. Allotment was made on pro rata basis to all the applicants. Excess money received on applications was adjusted on sums due on allotment. Sitaram, who had applied for 6,000 shares, failed to pay the allotment money and Harnam did not pay first and final call on 800 shares allotted to him. The shares of Sitaram and Harnam were forfeited. 4,200 of these shares were reissued for ₹ 100 per share as fully paid-up. The reissued shares included all the forfeited shares of Harnam.
Pass necessary Journal entries for the above transactions in the books of Sargam Ltd.
Solution
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About this solution
This is Chapter 8 Share Capital of TS Grewal Edition 2023-24.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
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