[ISC] Q. 8 Accounting for Share Capital Solution TS Grewal Class 12 (2023-24)

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Solution to Question number 8 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition ISC Board?

(a) Satya Ltd. invited application for 20,000 Equity Shares of ₹ 10 each at a premium of ₹ 4 per share. The issue price is payable on application. Issue was fully subscribed. Pass necessary Journal entries.

(b) Krishna Ltd. was registered with an authorised capital of ₹ 10,00,000 divided into equity shares of ₹ 10 each. It issued 40,000 shares to the public at a premium of ₹ 2 each, payable as ₹ 2 on application, ₹ 5 on allotment (including premium), ₹ 3 on first call and ₹ 2 on second and final call.

(c) New Era Ltd. issued 40,000 shares of ₹ 100 each at a premium of ₹ 20 payable as: ₹ 50 on application, ₹ 40 on allotment and ₹ 30 on first and final call. Issue was fully subscribed and amounts were durly received. Give the necessary Journal entries in the books of the company.

Solution:-

In the Books of Satya Ltd.

Journal

In the Books of Krishna Ltd.

Journal

In the Books of New Era Ltd.

Journal

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