[ISC] Q. 22 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 22 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Buttercup Ltd. issued 50,000 Equity Shares of ₹ 10 each for subscription payable ₹ 3 on application ₹ 3 on allotment and balance on first and final call.

All the shares were applied for and allotted. Amrit to whom 5,000 shares were allotted, did not pay the first and final call.

Pass entries in the Cash Book and Journal . Also, prepare Calls-in-Arrears Account and show Share Capital in the Balance Sheet of the company

Solution:-

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