[ISC] Q. 72 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

Solution to Question number 72 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

On 1st February, 2020, Medipoint Ltd. issued 50,000 Equity Shares of ₹ 10 each @ ₹ 12 per share, payable as ₹ 5 on application (including premium), ₹ 4 on allotment and the balance on 1st May, 2022.

The lists were closed on 10th February, 2022, by which date applications for 70,000 shares had been received. Of the cash received ₹ 40,000 was returned and ₹ 60,000 was applied to the amount due on allotment, the balance of which was paid on 16th February, 2022. All the shareholders paid the call due on 1st May, 2022, with the exception of one allottee of 500 share. These shares were forfeited on 29th September, 2022. Give Journal entries to record these transactions and prepare company’s balance sheet.

Solution:-

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