[ISC] Q. 86 Accounting for Share Capital Solution TS Grewal Class 12 (2024-25)

Solution to Question number 86 of the Accounting for Share Capital chapter of TS Grewal Book 2024-25 Edition ISC Board.

Sunshine Ltd. was formed with a Capital of ₹ 70,00,000 divided into 70,000 equity shares of ₹ 100 each. The company allotted 1,000 equity shares of ₹ 100 each as fully paid to the subscribers to the Memorendum of Association and 500 equity shares of ₹ 100 each as fully paid to the vendors against the purchase of machinery and offered 55,000 equity shares of ₹ 100 each at a premium of 10%. The issue price was payable as under:

On application – ₹ 50;

On Allotment – ₹ 40 (including premium);

On Call – Balance.

Applications were received for 50,000 equity shares. Due amount was received except allotment money on 100 shares which were forfeited. The company did not make the call during the year.

Show how Share Capital will be shown in Balance Sheet of the company as per Schedule III of the Companies Act, 2013.

Solution:-

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