[ISC] Q. 2 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 2 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board

Linux Ltd. was registered with Authorised Capital of ₹ 20,00,000 divided into 1,00,000 Equity Shares of ₹ 10 each and 10,000; 10% Preferene Shares of ₹ 100 each.

The company issued to public 55,000 Equity Shares for subscription and also 10,000; 10% Preference Shares.

Applications were received for 50,000 Equity Shares and 10,000; 10% Preference Shares. The nominal value of Equity Shares and ₹ 80 on 10% Preference Shares were called up. The amount called on both the Equity Shares and Preference Shares were duly received.

Show Share Capital in the Balance Sheet of the company.

Solution:-

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