[ISC] Q. 25 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 25 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Sugandh Ltd., issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5 (including premium) on allotment and the balance on first and final call.

Applications were received for 92,000 shares. The Directors resolved to allot shares as follows:

Category (i) Applicants of 40,000 shares	30,000 shares;
Category (ii) Applicants of 50,000 shares	30,000 shares;
Category (iii) Applicants of 2,000 shares	Nil

Mohan who had applied for 800 shares in Category (i) and Sohan who was allotted 600 shares in Category (ii) failed to pay the allotment money. Calculate the amount received on allotment.

Solution:-

Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy ISC 2022-23

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