[ISC] Q. 31 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 31 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

Imam Urbanline Ltd. invited applications for 10,000 shares of ₹ 10 each payable as ₹ 2 on application, ₹ 3 on allotment (on 1st May, 2023), ₹ 3 on first call (on 1st October, 2023) and ₹ 2 on final call (on 1st February, 2024). All the shares were applied for and allotted. Arvind to whom 200 shares were allotted paid the total amount on his shares along with allotment money. Interest was paid to Arvind on 1st February, 2024. All amount were duly received. Pass Journal entries.

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