[ISC] Q. 51 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 51 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Tapsi Ltd. invited applications from the public for the issue of 55,000 Equity shares of ₹ 10 each payable as:

₹ 3 on Application,

₹ 5 on Allotment

Balance on Call

The public applied for 50,000 shares which were duly allotted by the company.

₹ 2,49,000 were received by the company on allotment and ₹ 99,400 on call.

The company forfeited those shares on which both, allotment and call money was not received.

70% of the forfeited shares were reissued at ₹ 7 per share, fully called-up.

The company paid share issue expenses of ₹ 20,000 which were completely written off at the end of the year.

The company has ₹ 15,000 in its Securities Premium Reserve Account.

You are required to pass Journal entries to record the above transactions in the books of the company.

Solution:-

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