[ISC] Q. 57 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 57 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Akarshan Ltd. invited applications for 10,000 Equity Shares of ₹ 10 each for public subscription. The amount of these shares was payable as:

On application ₹ 1 per share, on allotment ₹ 2 per share, on first call ₹ 3 per share and on second call ₹ 4 per share.

All sum payable on application, allotment and calls were duly received with the following exceptions:

(i) Muskan, who held 200 shares, failed to pay the money on allotment and calls.

(ii) Akriti, to whom 150 shares were allotted, failed to pay the money on first call and final call.

(iii) Charu, who held 50 shares, did not pay the amount of final call.

The shares of Muskan, Akritii and Charu were forfeited and were subsequently reissued for cash as fully paid at a discount of 5%.

Give necessary Journal entries to record these share capital transactions in the books of Akarshan Ltd.

Solution:-

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