[ISC] Q. 43 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 43 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Bluechip Ltd. had issued 20,000 Equity Shares of ₹ 100 each for public subscription. The amounts were payable as follows:

On application ₹ 40, on allotment ₹ 30, on first call ₹ 20 and on second and final call ₹ 10.

Reema, who was allotted 400 shares failed to pay the allotment money and both the calls. Bhushan, who was allotted 600 shares failed to pay both the calls. Charu, who was allotted 800 shares failed to pay the amount due on second call. The company after giving proper notices forfeited the shares. Show Journal entries regarding issue of shares and forfeiture of shares and draw up the Balance Sheet of Bluechip Ltd.

Solution:-

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