[ISC] Q. 37 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 37 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Business Solutions Ltd. issued for subscription 20,000 shares of ₹ 100 each payable ₹ 25 on application and ₹ 50 on allotment for each share and balance on call. Applications were received for 30,000 shares. Letters of regret were issued to applicants for 5,000 shares and their application money was returned to them. Application money for other 5,000 shares was applied towards the payment for allotment money and all the 20,000 shares were issued to the public. The balance of allotment money was also received in due time.

Pass the Journal entries, prepare Cash Book, Ledger Accounts and Balance Sheet of the company.

Solution:-

In the Books of Business Solutions Ltd.

Journal

Let’s Practice

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