[ISC] Q. 47 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 47 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Home Decor Ltd. issued 20,000 shares of ₹ 100 each payable ₹ 25 per share on application, ₹ 25 per share on allotment, and the balance in two calls of ₹ 25 each. The company did not make the final call of ₹ 25 per share. All the monies were duly received with the exception of the amount due on the first call on 400 shares held by Mukesh. These shares were forfeited and subsequently reissued as ₹ 75 paid-up, for a sum of ₹ 28,000.

Journalise the above transactions and prepare Share Capital Account.

Solution:-

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