[ISC] Q. 10 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 10 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Rivera Ltd. issued 50,000 shares of ₹ 10 each at a premium of ₹ 4 per share, payable:

On Application ₹ 4 per share;

On Allotment ₹ 6 per share (including ₹ 2 premium); and

On Final call ₹ 4 per share (including ₹ 2 premium).

Over payments on application were to be applied towards sums due on allotment. Where no allotment was made money was to be returned in full. The issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 and applicants for 2,000 shares were sent letters of regret. All the amounts due on allotment and the final call were duly received.

Pass the necessary entries in company’s books and prepare the Balance Sheet.

Solution:-

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