[CBSE] Q. 68 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Share your love

Are you looking for the solution to Question number 68 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

Slow & Steady Ltd. invited applications for 10,000 Equity Shares of ₹ 10 each for public subscriptions. 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 sums payable on application, allotment and calls were duly received with the following exceptions.

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

(ii) B, to whom 150 shares were allotted, 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 subsequently 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:-

Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 4732

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh

error: Content is protected !!