[ISC] Q. 58 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 58 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

SRCC Ltd. has an authorised capital of ₹ 20,00,000 divided into 2,00,000 Equity Shares of ₹ 10 each. The company invited applications for 80,000 shares. The issue was fully subscribed. All calls were made and were duly received except the final call of ₹ 2 per share on 2,000 shares which were duly forfeited. Show how share capital will appear in the Balance Sheet of the company as per Schedule III of the Companies Act, 2013.

Solution:-

In the Books of SRCC Ltd.

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