[NCERT] Q 3 Accounting for Share Capital Solutions Class 12 (2022-23)

Solutions of Question number 3 Accounting for Share Capital NCERT Accountancy solutions Class 12 CBSE Board 2022-23 Session?

Software Solution India Ltd. invited applications for 20,000 equity shares of ₹ 100 each, payable ₹ 40 on application, ₹ 30 on allotment and ₹ 30 on first and final call. The company received applications for 32,000 shares. Application for 2,000 shares were rejected and money returned to applicants. Applications for 10,000 shares were accepted in full and applicants for 20,000 shares allotted half of the number of shares applied and excess application money adjusted into allotment. All money due on allotment and call was received.

Prepare Journal and Cash book.

Solution:-

Below are the solutions