[ISC] Q. 56 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 56 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 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:-

Let’s Practice

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Solutions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Solutions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60

S.N	Solutions
61	Question – 61
62	Question – 62
63	Question – 63
64	Question – 64
65	Question – 65
66	Question – 66
67	Question – 67
68	Question – 68
69	Question – 69
70	Question – 70

S.N	Solutions
71	Question – 71
72	Question – 72
73	Question – 73
74	Question – 74
75	Question – 75
76	Question – 76
77	Question – 77
78	Question – 78
79	Question – 79