Are you looking for the solution to Question number 22 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?
Quality Stationers Ltd. registered with authorised capital of ₹ 20,00,000 divided into 1,00,000 equity shares of ₹ 20 each. 50,000 Equity Shares were issued for subscription at par, issue price being payable along with application. It received application money of ₹ 4,40,000.
You are requited to pass the necessary Journal entries.
As Minimum subscription 50000 × 90% = 45000 shares is not received. Thus, application money is refunded.