[ISC] Q. 43 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

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Solution to Question number 43 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board.

Deep Borewell Ltd. issued to the public 20,000 Equity Shares of ₹ 10 each payable ₹ 4 on application, ₹ 2 on allotment, ₹ 2 on first call and the balance on final call. Applications were received for 35,000 shares. Applications for 10,000 shares were rejected. Those totalling 15,000 shares were allotted 10,000 shares and the remaining applications were accepted in full. The excess application money was utilised towards the money due on allotment. Both the calls were made. One shareholder holding 500 shares failed to pay the two calls and as a consequence his shares were forfeited. 200 of these shares were reissued as fully paid @ ₹ 6 per share.

Pass entries in the company’s Journal, Cash Book and prepare Balance Sheet.

Solution:-

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

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