[ISC] Q. 54 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 54 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Swaraj & Co. was registered with an authorised capital of ₹ 5,00,000 divided into 50,000 shares of ₹ 10 each. The company issued 30,000 of these shares to the public, which were payable as ₹ 2 per share on application, ₹ 4 per share on allotment and the balance three months later.

Applications for 46,000 shares were received on which the Directors allotted as follows:

Applications for 20,000 shares	Full
Applications for 25,000 shares	40%
Applications for 1,000 shares	Nil

₹ 86,000 was realised on account of the allotment money (excluding the amount carried from the application money) and ₹ 1,00,000 on account of call. The Directors decided to forfeit those shares on which the allotment money was overdue.

Pass the Journal entries in the company’s books.

Solution:-

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

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