[ISC] Q. 7 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 7 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

Canon Ltd. was registered with an authorised capital of ₹ 10,00,00,000 divided into 7,50,000 Equity shares of ₹ 100 each and 2,50,000; 9% Preference Shares of ₹ 100 each. 1,00,000 Equity and 50,000; 9% Preference Shares were offered to the public on the following terms – Equity Shares payable ₹ 10 on application, ₹ 40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application, ₹ 25 on allotment and ₹ 50 on first and final call. All the shares were applied for and allotted. All the amounts due were duly received.

Pass necessary Journal entries and prepare Cash Book to record the above issue of shares and show the Share Capital in the Balance Sheet.

Solution:-

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