[ISC] Q. 19 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 19 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Fresh Flowers Ltd. was incorporated with an authorised capital of 1,00,000 Equity Shares of ₹ 10 each. The promoters rendered service in setting up the company. Their services were valued at ₹ 1,10,000 for which they were issued 10,000 shares at a premium of ₹ 1 per share. The company also purchased Land and Building from Divyansh Ltd. for ₹ 4,00,000 and issued fully paid-up shares of the company. The balance shares were issued to the public which were fully subscribed and paid for.

You are required to pass Journal entries and show the ‘Share Capital’ in the Balance Sheet of the Company as at 31st March, 2023 and also show ‘Note to Accounts’ as per Schedule III, Part I of the Companies Act, 2013.

Solution:-

Notes to Accounts

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