[ISC] Q. 37 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 37 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Lovely Ltd. issued 40,000 shares of ₹ 10 each payable as follows:

On application ₹ 6 and balance on allotment.

Public applied for 65,000 shares. Share were allotted on pro rata basis of the applicants of 50,000 shares. Money overpaid on applications was employed on account of sum due on allotment. All the shareholders have paid the amount up to allotment except Mohan, the allottee of 8,000 shares. Pass necessary Journal entries.

Solution:-

In the Books of Lovely Ltd. (Journal)

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

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