[CBSE] Q. 26 Accounting for Share Capital Solution of TS Grewal Class 12 (2026-27)
The solution to Question number 26 of the Accounting for Share Capital chapter of TS Grewal Book 2026-27 Edition CBSE Board
Printkit Limited invited applications for issue of 80,000 equity shares of ₹ 10 each. The amount was payable as follows:
| On Application | ₹ 3 per share |
| On Allotment | ₹ 2 per share |
| On First and Final Call | Balance |
Applications for 1,50,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants on the following basis:
| Category A | Applicants for 80,000 shares were allotted 40,000 shares |
| Category B | Applicants for 60,000 shares were allotted 40,000 shares. |
Excess money received on application was adjusted towards amount due on allotment and first and final call. All the amounts due on allotment and first and final call were duly received.
Pass necessary Journal entries in the books of Printkit Limited.
[Ans.: Excess money adjusted against Shares Allotment – ₹ 1,40,000; Against Calls-in-Advance – ₹ 40,000.]
Solution:-
