[ISC] Q. 35 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 35 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

GSC IT Solutions Ltd. issued 20,000 Equity Shares of ₹ 10 each payable as ₹ 3 on application, ₹ 3 on allotment and ₹ 4 on call. The issue was oversubscribed to the extent of 15,000 shares, and the allotment was done as follows:

Applicants of 5,000 shares were given full allotment. Other applicants of shares were allotted shares on a pro rata basis. The excess application money received was to be adjusted on allotment only. All money due was received with the exception of the call money on 400 shares.

Pass necessary Journal entries to record the above transactions.

Solution:-

In the Books of GSC IT (Journal)

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

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