[ISC] Q. 54 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 54 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Sony Ltd. invited applications for 6,000 shares of ₹ 10 each. Applications were received for 8,000 shares. Applications for 1,000 shares were rejected and amount refunded. Application money received on the other 1,000 shares was adjusted to allotment account. The amount payable on shares was ₹ 2 per share on application, ₹ 4 per share on allotment and the balance on the first call. One shareholder of 100 shares did not pay the first call money and his shares were forfeited.

Pass necessary Journal entries and prepare Cash Book in the books of the company to record the above transactions.

Solution:-

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