[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
Let’s Practice
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