[ISC] Q. 77 Solution of Accounting for Share Capital TS Grewal Class 12 (2022-23)

Solution to Question number 77 of the Accounting for Share Capital chapter of TS Grewal Book 2022-23 Edition ISC Board?

Ratnakar Ltd. issued a prospectus inviting applications for 20,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as follows:

On Application	₹ 2
On Allotment	₹ 5 (including premium);
On First Call	₹ 3
On Second and Final Call	₹ 2

Applications were received for 30,000 shares and pro rata allotment was made on the applications for 24,000 shares. Money overpaid on applications was employed on account of sum due on allotment.

Ramesh, to whom 400 shares were allotted, failed to pay the allotment money and on his subsequent failure ot pay the first call his shares were forfeited. Mohan, the holder of 600 shares, failed to pay the two calls and his shares were forfeited after the second call.

Of the shares forfeited, 800 shares were sold to Krishna credited as fully paid for ₹ 9 per share, the whole of Ramesh’s shares being included.

Pass Journal entries in the books of the company. Also, show the Balance Sheet of the company.

Solution:-

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

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