[ISC] Q. 21 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 21 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

Ashu Ltd. issued 1,00,000 Equity Shares of ₹ 10 each payable ₹ 3 on application, ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on final call. All the shares were subscribed. The company allotted the shares and made the calls. The amounts due were received on due dates except on 2,000 shares allotted to Mohan who did not pay the allotment money and first call money on due dates but paid the due amount at the time of final call along with interest of ₹ 500.

Pass the Journal entries and prepare calls in Arrears Account.

Solution:-

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