[ISC] Q. 58 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 58 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Vatika Ltd. has authorised capital of ₹ 2,00,000, divided into shares of ₹ 20 each, the whole of which is issued and subscribed at a premium of ₹ 2 per share. The amount payable as follows:

On application and allotment ₹ 12 per share (including premium), and on first call ₹ 2 per share, the balance as and when required.

The application and the allotment money (including premium) was duly received but a shareholder holding 500 shares failed to pay the first call and his shares were forfeited. They were later reissued for ₹ 16 per share fully paid.

Pass Journal entries for the above. Also, prepare Securities Premium Reserve Account and Share Capital Account.

Solution:-

Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy ISC 2022-23

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