[CBSE] Q. 90 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)
Are you looking for the solution to Question number 90 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition CBSE Board?
Raja Ltd. invited applications for issuing 50,000 Equity Shares of ₹ 10 each. The amount was payable as follows:
| On Application | ₹ 3 per share |
| On Allotment | ₹ 5 per share, and |
| On First and Final Call | Balance |
Applications for 70,000 shares were received. Allotment was made to alll applicants on pro rata basis. Excess money received on application was adjusted towards sums due on allotment. Ramesh, who had applied for 700 shares, did not pay the allotment money and on his failure to pay the allotment money his shares were forfeited. Afterwards, the first and final call was made. Adhar, who had been allotted 500 shares, did not pay the first and final call. His shares were also fofeited. Out of the forfeited shares 900 shares were reissued at ₹ 8 per share as fully paid-up. The reissued shares included all the shares of Ramesh.
Pass necessary Journal entries for the above transactions in the books of the company.
[Ans.: Amount due but not received from Ramesh on allotment – ₹ 1,900; Allotment money received later – ₹ 1,88,100; Amount transferred to Capital Reserve – ₹ 3,500.]
Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy CBSE 2022-23
Let’s Practice
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