[ISC] Q. 73 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 73 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Yash Ltd. invited applications for 27,000 shares of ₹ 100 each payable as follows:

₹ 50 per share on application;

₹ 10 per share on allotment;

Balance on first and final call.

Applications were received for 40,000 shares. Full allotment was made to the applicants of 7,000 shares. The remaining applicants were allotted 20,000 shares on pro rata basis. Excess money received on application was adjusted towards allotment and call.

Asha, holding 600 shares was belonged to the category of applicants to whom full allotment was made, paid the call money at the time of allotment. Ankur, who belonged to the category of applicants to whom shares were allotted on pro rata basis did not pay anything after applicants on his 200 shares. Ankur’s shares were forfeited after the first and final call. These shres were later reissued at ₹ 105 per share as fully paid-up.

Pass necessary Journal entries in the books of Yash Ltd. for the abvoe transactions, by opening Calls-in-Arrears and Calls-in-Advance Accounts wherever necessary.

Solution:-

Working Notes:-

Issue of Share chapter Solutions of TS Grewal Class 12 Accountancy ISC 2022-23

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