[ISC] Q. 24 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 24 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

Zee Ltd. issued 40,000 Equity Shares of ₹ 100 each at a premium of 10% payable as follows:

On application ₹ 30 (1st January, 2023), on allotment ₹ 30 (1st April, 2023),

On first call ₹ 30 (1st June, 2023), on second and final call ₹ 20 (1st August, 2023).

Applications were received for 36,000 Equity Shares and the company made allotment in full. One shareholder to whom 800 Equity Shares were allotted paid the entire balance on his shareholdings with allotment money and another shareholder did not pay allotment and first call money on his 1,200 Equity Shares but which he paid with final call. Calculate the amount of interest paid and received on Calls-in-Advance and Calls-in-Arrears respectively on 1st August, 2023.

Solution:-

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