[ISC] Q. 38 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 38 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

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

On application ₹ 6 and balance on allotment.

Applications were received for 65,000 shares. Shares were allotted on pro-rata basis of the application 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)

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