[CBSE] Q. 25 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 25 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Pure Products Ltd. is registered with authorised capital of ₹ 10,00,000 divided into 1,00,000 equity shares of ₹ 10 each. It issued 70,000 Equity Shares for subscription of ₹ 2 per share, payable ₹ 3 on application, ₹ 5 on allotment and balance on first and final call. It received application money amounting to ₹ 1,89,000.

You are required to:

(i) Determine whether the company should allot shares; and

(ii) If yes, pass the necessary Journal entries assuming that the company has received due amount on allotment and call.

Solution:-

(i) Minimum subscription is 70,000 × 90% = 63,000 shares. The application is received ₹ 1,89,000

Thus number of shares on which application is received is

1,89,000/3 = 63,000 shares.

Thus the company should allot the shares to the subscribers.

(ii)

Books of Pure-Products Ltd.

Journal

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