[CBSE] Q. 29 Solution of Accounting for Share Capital TS Grewal Class 12 (2024-25)

The solution to Question number 29 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition CBSE Board

Home 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 at premium of ₹ 2 per share, payable ₹ 3 on application, ₹ 5 on allotment and balance on first and final call. It received subscription for 62,500 shares.

You are required to pass the necessary Journal entries.

[Hint: Minimum subscription is not received.]

Solution:-

Note: As the minimum subscription of 70000 × 90% = 63,000 shares is not received. Thus, all application money is to be returned to the subscribers.

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