Solution of Q 98 Share Capital TS Grewal 2023-24 [CBSE]
Step-by-step solution of Question 98, Chapter 8 Accounting for Share Capital (Issue of Shares), TS Grewal Class 12 Accountancy 2023-24 for the CBSE Board.
Question 98
Janta Ltd. issued applications for 5,00,000 equity shares of ₹ 10 each, at a premium of ₹ 4 per share. The amount was payable as follows:
On application ₹ 6 (including ₹ 2 premium), on Allotment ₹ 6 (including ₹ 2 premium) and Balance on first and final call.
Applications for 7,50,000 shares were received. Allotment was made to all the applicants on pro rata basis. Mohan to whom 1,000 shares were allotted did not pay allotment and call money. Vikram to whom 500 shares were allotted, did not pay the call money. These shares were forfeited and afterwards reissued @ ₹ 8 per share fully paid-up. Pass the necessary Journal entries.
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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