[ISC] Q. 40 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 40 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Gold & Silver Ltd. issued for subscription 2,00,000 Equity Shares of ₹ 10 each to the public on the following terms:

₹ 3 to be paid on application;

₹ 2 to be paid on allotment;

₹ 2 to be paid two months after allotment; and

₹ 3 to be paid three months after the first call.

Public applied for 1,80,000 Equity Shares which were allotted, the allotment taking place on 1st May, 2022. All moneys due on allotment were received by the due date. The first call was duly made but a shareholder holding 3,000 shares failed to pay the calls money.

Pass the entries in the Cash Book and Journal of the Company and also prepare Balance Sheet.

Solution:-

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