[CBSE] Q. 61 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 61 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

Slow & Steady Ltd, invited applications for 10,000 Equity Shares of ₹ 10 each for public subscription. The amount of these shares was payable as:

On application ₹ 1 per share, on allotment ₹ 2 per share, on first call ₹ 3 per share and on second and final call ₹ 4 per share.

All sum payable on application, allotment and call were duly received with the followoing exceptions:

(i) W, who held 200 sahres, failed to pay the money on allotment and calls.

(ii) B, to whom 150 shares were allottted, failed to pay the money on first call and final call.

(iii) C, who held 50 shares, did not pay the amount of second and final call.

The shares of A, B and C were forfeited and were subsequenlty reissued for cash as fully paid-up at a discount of 5%.

Pass necessary Journal entries to record these transactions in the books of the company.

[Ans.: Capital Reserve – ₹ 750.]

Solution:-

Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy CBSE 2022-23

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