[CBSE] Q. 28 Accounting for Share Capital Solution of TS Grewal Class 12 (2026-27)

The solution to Question number 28 of the Accounting for Share Capital chapter of TS Grewal Book 2026-27 Edition CBSE Board

A-one Product Ltd. is registered with authorised capital of ₹ 10,00,000 divided into 50,000 Equity Shares of ₹ 20 each. It issued 25,000 Equity Shares for Subscription at premium of ₹ 2 per share, issue price being payable along with application. It received ₹ 4,62,000 towards application money.

You are required to pass the necessary Journal entries.

Solution;-

Note:- As Minimum Subscription 25000 × 90% = 22500 shares is not received. Thus application money is refunded.