[ISC] Q. 20 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 20 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

RT Port Ltd was registered with an authorised capital of ₹ 25,00,000 divided into 2,50,000 Equity Shares of ₹ 10 each. Anil promoted the company and value of his services was established at ₹ 50,000 to be paid by issue of equity shares at par.

The company acquired running business of Amithabh for a consideration of ₹ 4,80,000 payable by equity shares at a premium of 20%. The assets and liabilities of business taken over are as follows:

AssetsLiabilities
Sundry Debtors
Stock
Furniture
Car
1,50,000
3,00,000
45,000
1,00,000
Sundry Creditors30,000

Pass the Journal entries and prepare the Balance Sheet showing shareholder’s funds.

Solution:-

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