[ISC] Q. 26 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 26 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 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 shares30,000 shares;
Category (ii) Applicants of 50,000 shares30,000 shares;
Category (iii) Applicants of 2,000 sharesNil

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:-

Working Notes:-

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