[CBSE] Q. 20 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 20 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Sugandha Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5 (including premium) on allotment and the balance on first and final call. Applications money received was ₹ 2,76,000. It was resolved to allot as follows:

Applicants of 40,000 shares	30,000 shares,
Applicants of 50,000 shares	30,000 shares,
Applicants of 2,000 shares	Nil

Mohan, who had applied for 800 shares in Category (i) and Sohan, who was allotted 600 shares in Category (ii) failed to pay the allotment money. Calculate amount received on allotment.

[Ans.: Amount received on allotment – ₹ 2,05,800.]

[Hint: Shares applied are 92,000 (₹ 2,76,000 ÷ ₹ 3.]

Solution:-

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