[CBSE] Q. 82 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 82 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

Sargam Ltd invited applications for issuing 80,000 equity shares of ₹ 100 each at a premium. The amount was payable as follows:

On Application	₹ 20 per share;
On Allotment	₹ 60 (including premium) per share;
On First and Final Call	₹ 40 per share.

Applications for 1,20,000 shares were received. Allotment was made on pro rata basis to all applicants. Excess money received on applications was adjusted on sums due on allotment. Sitaram, who had applied for 6,000 shares, failed to pay the allotment money and Harnam did not pay first and final call on 800 shares allotted to him. The shares of Sitaram and Harnam were forfeited. 4,200 of these shares were reissued for ₹ 100 per share as fully paid-up. The reissued shares included all the forfeited shares of Harnam.

Pass necessary Journal entries for the above transactions in the books of Sargam Ltd.

[Ans.: Capital Reserve – ₹ 1,50,000.]

Solution:-

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

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