[ISC] Q. 48 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 48 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Excel Ltd. issued 20,000 shares of ₹ 10 each to the public for subscription. The amount is payable as: ₹ 3 on application, ₹ 2 on allotment, ₹ 2 on first call, ₹ 1 on second call and balance on final call.

The company did not make the final call. The company received the amounts as under:

On 15,000 shares	Full amount was received;
On 2500 shares	₹ 7 per share was received;
On 1,500 shares	₹ 5 per share was received;
On 1,000 shares	₹ 3 per share was received.

The directors forfeited 2,500 shares on which less than ₹ 7 per share has been paid. Pass necessary Journal entries in the books of the company and also show “Share Capital” as it would appear in the Balance Sheet.

Solution:-

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

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