[ISC] Q. 25 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 25 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Foxtail Orchid Ltd. issued 10,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share, payable ₹ 3 on application, ₹ 5 on allotment (including premium) and the balance by two equal calls. The due date of the instalments are:

Application on 1st May, 2022;

Allotment on 1st June, 2022;

First call on 1st August, 2022;

Final call on 1st october, 2022;

interest is to be charged @ 10% p.a. on Calls-in-Arrears and interest allowed @ 5% p.a. on Calls-in-Advance as per Article of Association of the company.

All the shares were duly allotted and the money was received on due dates except the following:

(i) Sudhir holding 1,000 shares paid the entire amount due along with allotment.

(ii) Bharat holding 2,000 shares paid the entire amount due on first call with the amount due on final call.

Show Journal entries assuming that the interest was neither paid nor received in cash in the books of the company.

Solution:-

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