[CBSE] Q. 85 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 85 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?

A Ltd. invited applications for issuing 1,00,000 shares of ₹ 10 each at a premium of ₹ 1 per share. The amount was payable as follows:

On Application	₹ 3 per share
On Allotment	₹ 3 per share (including premium)
On First Call	₹ 3 per share
On Second and Final Call	Balance amount

Applications for 1,60,000 shares ware received. Allotment was made on the following basis:

i)	To applicants for 90,000 shares	40,000 shares
ii)	To applicants for 50,000 shares	40,000 shares
iii)	To applicants for 20,000 shares	Full Shares

Excess money paid on application is to be adjusted against the amount due on allotment and calls.

Rishabh, a shareholder, who applied for 1,500 shares and belonged to category ii), did not pay allotment, first and second and final call money.

Another shareholder, sudha, who applied for 1,800 shares and belonged to category i), did not pay the first and second and final call money.

All the shares of Rishabh and Sudha were forfeited and were subsequently reissued at ₹ 7 per share fully paid.

Pass the necessary Journal entries in the books of A Ltd. Open Calls in Arrears Account and Calls in Advance Account wherever required.

[Ans.: Capital Reserve – ₹ 3,100.]

Solution:-

Working Notes:-

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

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