[ISC] Q. 34 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Share your love

Solution to Question number 34 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Saya Ltd. invited applications for 75,000 Equity Shares of ₹ 100 each on the following terms:

On application30
On Allotment20
On first and final call50

Applications were received for 1,65,000 shares. It was decided to (i) refuse allotment to the applicants for 15,000 shares; (ii) allot 50% to Abhay who had applied for 30,000 shares; (iii) allot in full to Bhanu who had applied for 30,000 shares; (iv) allot balance of the available shares on pro-rata basis among other applicants; and (v) utilise the excess application money in part payment of allotment and the final call. Give Journal entries till the state of allotment assuming that the entire sum due on allotment was received in full.

Solution:-

In the Books of Saya Ltd. (Journal)

Let’s Practice

S.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NSolutions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NSolutions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NSolutions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
49Question – 49
50Question – 50
S.NSolutions
51Question – 51
52Question – 52
53Question – 53
54Question – 54
55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
S.NSolutions
61Question – 61
62Question – 62
63Question – 63
64Question – 64
65Question – 65
66Question – 66
67Question – 67
68Question – 68
69Question – 69
70Question – 70
S.NSolutions
71Question – 71
72Question – 72
73Question – 73
74Question – 74
75Question – 75
76Question – 76
77Question – 77
78Question – 78
79Question – 79
Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 5895

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh