[ISC] Q. 45 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 45 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

Newtown Ltd. issued for subscription 1,35,000 Equity Shares of ₹ 10 each to the public at a premium of 10% on the following terms:

(i) ₹ 30 to be paid on application; (ii) ₹ 40 to be paid on allotment; (iii) ₹ 20 to be paid two months after allotment; and (iv) ₹ 20 to be paid three months after first call.

Public applied for 1,25,000 Equity Shares, which were allotted. All money due was received on due date except from a shareholder holding 2,500 shares who failed to pay the calls money.

Pass entries in the Cash Book and Journal of the company and prepare Balance Sheet.

Solution:-

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