TS Grewal Accountancy Class 12 Solutions

TS Grewal Solutions for Class 12 Accountancy are given for the students so that they can get to know the answers to the questions in case they are not able to find it. It is important for all the students who are in Class 12 currently. Here we are providing the solutions to all the chapters of TS Grewal Accountancy Class 12 Textbook for the students. They can refer to these solutions while they are solving the questions from the TS Grewal textbook.

TS Grewal Solutions for Class 12 Accountancy Free PDF Download

The students who are in Class 12 and have the TS Grewal Accountancy Books can check this page to know the solutions for all the chapters of Accountancy book. They need to ensure that they are checking the solutions for the chapter which they intend to check.

Links for the Solutions

We are giving the links for the solutions to all the chapters. The students can click on the link to see the solutions for each of the chapter on Accountancy subject.

TS Grewal Solutions for Class 12 Accountancy Book

TS Grewal Solutions for Class 12 Accountancy are given below for all chapter. Select chapter number to view NCERT Solution chapter wise.

TS Grewal Solutions Double Entry Book Keeping Class 12 Accounting Volume I Free PDF Download

TS Grewal Double Entry Book Keeping Class 12 Solutions Volume 1 : Accounting for Partnership Firms

TS Grewal Class 12 Volume 1
TS Grewal Class 12 Volume 1

TS Grewal Solutions Double Entry Book Keeping Class 12 Accounting Volume II Free PDF Download

TS Grewal Double Entry Book Keeping Class 12 Solutions Volume 2 : Accounting for Not-for-Profit Organisations and Companies

TS Grewal Class 12 Volume 2
TS Grewal Class 12 Volume 2

Importance of the TS Grewal Solutions

The TS Grewal Solutions for Class 12 Accountancy are important for the students of the same class. Through these, they can get answers to those questions on which they get stuck. These are the valid solutions and students can check these whenever they face any confusion in the questions.

TS Grewal Accountancy Class 11 Solutions

TS Grewal Solutions for Class 11 Accountancy are given for the students so that they can get to know the answers to the questions in case they are not able to find it. It is important for all the students who are in Class 11 currently. Here we are providing the solutions to all the chapters of TS Grewal Accountancy Class 11 Textbook for the students. They can refer to these solutions while they are solving the questions from the TS Grewal textbook.

TS Grewal Solutions for Class 11 Accountancy Free PDF Download

The students who are in Class 11 and have the TS Grewal Accountancy Books can check this page to know the solutions for all the chapters of Accountancy book. They need to ensure that they are checking the solutions for the chapter which they intend to check.

TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger

Question 1.
On 1st April, 2018, Mohit started business with a capital of ₹ 50,000. He made the following transactions:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 1
You are required to journalise the above transactions and show the respective Ledger accounts.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 2
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 3
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Question 2.
Suresh, Kanpur commenced business on 1st January, 2018 introducing capital in cash ₹ 1,00,000. His other transactions during the month were as follows:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 8
Enter the above transactions in his books of account.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 10
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Question 3.
Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 21
Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. Out of the above transactions, transactions marked (*) are not subject to levy of GST.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 22
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 155
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 156TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 40

Question 4.
Pass Journal entries of M/s. Bhanu Traders, Delhi from the following transactions. Post them to the Ledger:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 41
Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. Out of the above transactions marked (*) are not subject to levy of GST.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 42
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 43
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 44
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 157TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 45
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 49
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 52

Question 5.
Journalise the following transactions in the Journal of M/s. Gupta Brothers (Prop. Shri R. K. Gupta), Delhi and post them to the Ledger:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 54
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 55
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 56
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 57
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 58
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 65
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 66

Question 6.
Following balances appeared in the books of Ashok, Delhi on 1st April, 2018:
Assets: Cash – ₹ 50,000; Stock – ₹ 30,000; Debtors – Ram ₹ 50,000; Machinery – ₹ 60,000.
Liabilities: Creditor – Rajesh ₹ 30,000.
The following transactions took place in April, 2018:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 67
CGST and SGST @ 6% each is levied on intra-state transactions and IGST is levied @ 12% on inter-state transactions. Transactions marked (*) are not subject to levy of GST.
Pass Journal entries for the above transaction, post them into the Ledger and prepare the Trial Balance on 30th April, 2018.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 68
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 69
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 70
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 75

Question 7.
On 1st April, 2018, the following were Ledger balances of M/s. Ram & Co., Delhi: Cash in Hand – ₹ 300; Cash at Bank – ₹ 7,000; Bills Payable – ₹ 1,000; Zahir (Dr.) – ₹ 800; Stock – ₹ 4,000; Gobind (Cr.) – ₹ 2,000; Sharma (Dr.) – ₹ 1,500; Rahul (Cr.) – ₹ 900; Capital – ₹ 9,700. Transactions during the month of April, 2018 were:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 76
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Post the above transactions to the Ledger and prepare the Trial Balance on 30th April, 2018.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 77
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 78
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 79
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 80
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 158TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 81
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 83

Question 8.
You are to open the books of Rajesh Prabhu, Gurugram (Haryana) a trader, through the Journal to record the assets and liabilities and then to record the daily transactions for the month of April, 2018. A Trial Balance is to be extracted as on 30th April, 2018:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 84
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 85
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 86
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 87
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 100
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 101

Question 9.
Enter the following transactions in the Journal of M/s. Karim Bros., Prop. Shri Karim Khan, Kolkata, post to the Ledger and prepare the Trial Balance:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 102
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 103
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 104
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 105
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 110
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 111
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 112
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 113
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 113

Question 10.
Write up the following transactions in the Journal of Ashok, Delhi and post them to the Ledger for April, 2018. Also, prepare the Trial Balance as on 30th April, 2018.
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 115
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 116
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 117
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 118
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 119
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 120
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 159
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 160
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 121

TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 122
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 123

Question 11.
Shri S. K. Gupta, Chandigarh commenced business on 1st April, 2018 with a capital of ₹ 1,20,000 of which ₹ 60,000 was paid into his Bank Account and ₹ 60,000 retained as cash. His other transactions during the month were as follows:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 124
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Journalise the above transactions and post them to the Ledger.
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 125
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 126
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 127
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 129
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TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 138

Question 12.
Journalise the following transactions in the books of Shri Manoj, Kolkata and prepare Ledger Accounts.
Opening Debit Balances:
Cash in Hand – ₹ 15,000; Cash at Bank – ₹ 55,000; Stock – ₹ 28,000; Debtors – ₹ 25,000 (Sunil – ₹ 5,000; Abhay – ₹ 10,000 and Alok – ₹ 10,000); Fixed Assets: Computer and Printer – ₹ 50,000; Furniture – ₹ 10,000; Delivery Van – ₹ 25,000.
Opening Credit Balances:
Bank Loan – ₹ 90,000; Salaries Outstanding – ₹ 15,000; Creditors – ₹ 20,000; Bills Payable – ₹ 10,000; Capital – ₹ 73,000.
Transactions for the month of April, 2018 were:
(i) Purchased goods from M/s Prabhat Electricals – ₹ 10,000 less 10% Trade Discount. Cheque was issued immediately and availed 2% Cash Discount on purchase price.
(ii) Cheque was received from Abhay for the balance allowing him discount of 2%*.
(iii) Cheque was received from Alok for the balance due*.
(iv) Sunil was unable to pay the full dues and offered to pay 75%, which was accepted. Cheque was duly received*.
(v) Gave goods costing ₹ 1,000 as charity. These goods were purchased in Kolkata.
(vi) In a competition held by the RWA where the shop is located an electric iron costing ₹ 500 was given as an award. It had been purchased from Prabhat Electricals, Delhi.
(vii) A debt of ₹ 10,000 that was written off as bad debt in the past was received*.
(viii) Salaries amounting to ₹ 15,000 provided in the books for the month of March, 2018 were paid through cheque*.
(ix) Sales for the month were: Cash Sales ₹ 15,00,000 (Intra-state) and Credit Sales ₹ 3,00,000 (Inter-state).
(x) Purchases for the month were: Cash Purchases ₹ 1,00,000 (Intra-state) and Credit Purchases (Inter-state) ₹ 9,00,000.
Cheques Received from Debtors ₹ 2,00,000; Deposited Cash ₹ 15,00,000.
(xi) Paid to creditors through cheques ₹ 8,90,000*.
(xii) Bank Loan repaid during the month ₹ 20,000*.
Inter-state transactions are subject to levy of IGST @ 12% and Intra-state transactions are subject to levy of CGST and SGST @ 6% each. GST is not levied on transactions marked with (*).
Solution:
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 139
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 140
TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger - 141
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We hope the TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 6 Ledger, drop a comment below and we will get back to you at the earliest.

TS Grewal Solutions Class 11 and 12 Accounting Free PDF Download

When it comes to accounts than what immediately strikes the mind is the textbook by Professor TS Grewal. Professor TS Grewal is the God of Accountancy and every commerce student follows the books die heatedly. We highly appreciate the contributions of this renowned professor in the field of Commerce and Management.

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Here you can freely download TS Grewal Solutions Class 11 & 12 Accounting, We have listed all the chapters PDFs. All the Solutions available here are the latest. There is no Login, nor Sign Up, neither Redirects, just click the downloading link, you can view your PDF and download accordingly.

TS Grewal Solutions Class 11 & 12 Accounting Free PDF Download

TS Grewal Solutions Class 11 Accounting Free PDF Download

TS Grewal Double Entry Book Keeping Class 11 Solutions: Financial Accounting

TS Grewal Solutions Double Entry Book Keeping Class 12 Accounting Volume I Free PDF Download

TS Grewal Double Entry Book Keeping Class 12 Solutions Volume 1: Accounting for Partnership Firms

TS Grewal Solutions Double Entry Book Keeping Class 12 Accounting Volume II Free PDF Download

TS Grewal Double Entry Book Keeping Class 12 Solutions Volume 2: Accounting for Not-for-Profit Organisations and Companies

When it comes to attain good marks or the highest in the subject, you need to step beyond NCERT and practice another Textbook. TS Grewal is considered as Bible for Accountancy. Our expert solutions provide a better clearance to concepts and fundamentals to the students.

Even if a student has not understood the concept in the class, he can easily go through a sample solution provided by NCERTBooks.guru and Bingo!! You can now clear your concepts.

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FAQs on TS Grewal Solutions Class 11 and 12 Accounting

1. Why should the students consider learning from TS Grewal Solutions Class 12?

All the Solutions in TS Grewal are clear to comprehend. You can have precise and clear solutions to difficult problems too. TS Grewal Solutions for Class 11 and 12 act as a great means of preparation and revision.

2. From where can I download the TS Grewal Double Entry Bookkeeping Class 11 PDF?

You can get the TS Grewal Double Entry Bookkeeping Class 11 PDF by simply clicking on the quick links available on our page.

3. Is only TS Grewal sufficient for board exams for accountancy?

As Accountancy needs more practice one can go with TS Grewal as it has many solved and unsolved questions for practice. However, go through NCERT Textbooks too for scoring well.

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Aspirants can access the quick links to TS Grewal Class 12 Solutions PDF from here. You can view or download them as per your convenience.

TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures

TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures – Here are all the TS Grewal solutions for Class 12 Accountancy Chapter 10. This solution contains questions, answers, images, explanations of the complete Chapter 10 titled Redemption of Debentures of Accountancy taught in Class 12. If you are a student of Class 12 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 10 Redemption of Debentures. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 12 Accountancy Chapter 10 Redemption of Debentures in one place.

TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures

Question 1.
A public limited company is a manufacturer of chemical fertilisers. Its annual turnover is ₹ 50 crores. The company had issued 5,000, 12% Debentures of ₹ 500 each at par. Calculate the amount of Debentures Redemption Reserve which needs to be created to meet the requirements of law.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 1

Question 2.
Z Ltd. had issued following debentures:
(a) 1,00,000, 10% fully convertible debentures of ₹ 100 each on 1st April, 2016 redeemable by conversion after 5 years.
(b) 20,000, 10% Debentures of ₹ 100 each redeemable after 4 years, 25% Debentures in Cash and 75% by conversion.
State the amount of DRR required to be created as per the Companies Act,2013.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 2

Question 3.
Dow Ltd. issued ₹ 2,00,000; 8% Debentures of ₹ 10 each at a premium of 8% on 30th June, 2016 redeemable on 31st March, 2018. How much amount should be transferred to Debentures Redemption Reserve before redemption of debentures?
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 3

Question 4.
Nirbhai Chemicals Ltd.issued ₹ 10,00,000; 6% Debentures of ₹ 50 each at a premium of 8% on 30th June, 2017 redeemable on 30th June, 2018. The issue was fully subscribed. Pass journal entries for issue and redemption of debentures. How much amount should be transferred to Debentures Redemption Reserve before redemption of debentures? Also, state how much amount should be invested in specified securities ?
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 4
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 5
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 6

Question 5.
Export-Import Bank of India (EXIM Bank) issued 20,000, 10% Debentures of ₹ 100 each through public issue and 10,000, 10% Debentures of ₹ 100 each through private placement. State the amount of investment to be made by EXIM Bank before redemption of debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 7

Question 6.
SRCC Ltd. has issued on 1st April, 2016, 20,000, 12% Debentures of ₹ 100 each redeemable by draw of lots as under:
During the year ended on 31st March, 2017 – 15 %
During the year ended on 31st March, 2018 – 25 %
During the year ended on 31st March, 2019 – 15 %
During the year ended on 31st March, 2020 – 25 %
During the year ended on 31st March, 2021 – 20 %
How much minimum investment or deposit should be made by SRCC Ltd. as per Companies Act, 2013 before redemption of debentures? When should it be made ?
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 8

Question 7.
IFCI Ltd.(An All India Financial Institution) issued 10,00,000; 9% Debentures of SRCC Ltd. ₹ 50 each on 1st April, 2011 redeemable on 1st April, 2017. How much amount of Debentures Redemption Reserve is required before the redemption of debentures ? Also,pass journal entries for issue and redemption of debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 9
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 10

Question 8.
On 31st March, 2003, G Ltd. had ₹ 8,00,000; 9% Debentures due for redemption. The company had a balance of ₹ 1,40,000 in its Debentures Redemption Reserve. Pass necessary journal entries for redemption of debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 11
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 12

Question 9.
On 31st March, 2016, W Ltd. had the following balances in its books:
9% Debentures – ₹ 6,00,000
Debentures Redemption Reserve – ₹ 50,000
Surplus, i.e. Balance in Statement of Profit and Loss – ₹ 3,00,000
On that date, the company decided to transfer ₹ 1,00,000 to Debentures Redemption Reserve. It also decided to redeem debentures of ₹ 3,00,000 on 30th June, 2016.
Pass necessary journal entries in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 13
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 14

Question 10.
A Ltd. has credit balance of ₹ 1,26,000 in Surplus, i.e., Balance in Statement of Profit and Loss. Instead of declaring dividend it is resolved to utilize the profits to redeem its ₹ 1,20,000 Debentures redeemable at a premium of 5%.
Pass necessary journal entries in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 15

Question 11.
Mansi Ltd. had 6,000; 10% Debentures of ₹ 100 each due for redemption on 31st March, 2017. Assuming that the debentures were redeemed out of profits, pass necessary journal entries for the redemption of debentures. There was a credit balance of ₹ 6,00,000 in Surplus, i.e, Balance in Statement of Profit and Loss.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 16
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 17

Question 12.
India Textiles Corporation Ltd. has outstanding ₹ 50,00,000; 9% Debentures of ₹ 100 each due for redemption on 31st July, 2017. Pass journal entries for redemption assuming that there is a balance of ₹ 3,00,000 in Debentures Redemption Reserve on the date of redemption.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 18
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 19

Question 13.
Manish Ltd.issued ₹ 40,00,000; 8% Debentures of ₹ 100 each on 1st April, 2016. The terms of issue stated that the debentures are to be redeemed at a premium of 5% on 30th June, 2018. The company decided to transfer ₹ 10,00,000 out of profits to Debentures Redemption Reserve on 31st March, 2017 and ₹ 10,00,000 on 31st March, 2018.
Pass journal entries regarding the issue and redemption of debentures, DRR and investment without providing for the interest or loss on issue of debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 20
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 21
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 22

Question 14.
Godrej Ltd. has 20,000; 7% Debentures of ₹ 100 each due for redemption on 31st August, 2017. There is a balance of ₹ 3,50,000 in Debentures Redemption Reserve Account as on 31st March,2015. Investment, as required by the Companies Act, 2013 is made on 1st April, 2016 in fixed deposit bearing interest @ 6 % p.a. Bank deducted TDS @ 10 % on its maturity which is 31st March, 2017.
Pass journal entries for redemption of debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 23
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 24

Question 15.
Apollo Ltd. issued 21,000; 8% Debentures of ₹ 100 each on 1st April, 2011 redeemable at a premium of 8% on 30th June, 2017. The company decided to transfer the required amount to Debentures Redemption Reserve in three equal annual installments starting with 31st March, 2015. Required investment was made in Government Securities on 30th April, 2017. Ignore interest on debentures and also investment.
Pass necessary journal entries regarding issue transfer to DRR, investment, and redemption of debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 25
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 26
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 27

Question 16.
JB Ltd. issued ₹ 10,00,000; 6% Debentures at a premium of 4% redeemable at a premium of 5% after four years. The debentures were issued on 1st April,2014. Pass journal entries at the time of issue and redemption of debentures assuming that all legal requirements were complied.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 28
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 29
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 30

Question 17.
On 1st April, 2014, following were the balances of Blue Bird Ltd.
10% Debentures (redeemable on 30th September, 2017) – ₹ 15,00,000
Debentures Redemption Reserve – ₹ 2,00,000
The company met the requirements of the Companies Act, 2013 regarding Debentures Redemption Reserve and Investment and redeemed the debentures.
Pass necessary journal entries for the above transactions in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 61
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 32
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 33

Question 18.
Mahima Ltd.issued ₹ 38,00,000, 9% Debentures of ₹ 100 each on 1st April, 2013. The debentures were redeemable at a premium of 5% on 30th June, 2015. The company transferred an amount of ₹ 9,50,000 to Debentures Redemption Reserve on 31st March, 2015. Investments as required by law were made in fixed deposit of a bank on 1st April, 2015.
Ignoring interest on fixed deposit, pass necessary journal entries starting from 31st March, 2015 regarding redemption of debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 34

Question 19.
On 1st April, 2013 the following balances appeared in the books of Blue and Green Ltd.:
12 % Debentures (Redeemable on 31st August, 2015) – ₹ 20,00,000
Debentures Redemption Reserve – ₹ 2,00,000.
The company met the requirements of Companies Act, 2013 regarding Debentures Redemption Reserve and Debentures Redemption Investments and redeemed the debentures.
Ignoring interest on investments, pass necessary journal entries for the above transactions in the books of company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 35

Question 20.
Rich sugar Ltd. issued ₹ 20 Lakh, 8% Debentures divided into debentures of ₹ 100 each on 1st April, 2013, redeemable in four equal annual installments starting from 31st March, 2016. The company decided to transfer to Debentures Redemption Reserve ₹ 2,50,000 each year on 31st March, 2014 and 2015.
The company invested ₹ 3,00,000 in Government securities as required by the Companies Act, 2013.
Pass necessary journal entries for the above transactions.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 36
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 37
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 38
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 39

Question 21.
Hp Ltd. has 1,00,000; 8% Debentures of ₹ 50 each due for redemption in five equal annual installments starting from 30th June, 2015. Debentures Redemption Reserve has a balnce of ₹ 5,00,000 on that date. Pass journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 40
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 41
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 42
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 43
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 44
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 45

Question 22.
Venus Ltd. had 9,000, 9% Debentures of ₹ 100 each due for redemption. These debentures are to be redeemed in 3 equal installments (starting from 31st March,2015) at a premium of 10%. The company had a balance of ₹ 25,000 in the Debentures Redemption Reserve.
Pass necessary entries for redemption of debentures assuming that company transfer the balance of DRR to General Reserve after redeeming all the debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 46
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 47
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 48

Question 23.
Shakti Enterprises Ltd. issued 30,000; 8% Debentures of ₹ 100 each on 1st October, 2014 redeemable in five equal annual installments starting with 31st March, 2018. The Board decides to transfer to Debentures Redemption Reserve ₹ 50,000 and ₹ 4,00,000 on 31st March 2015 and 2016 respectively and balance required to be transferred to Debentures Redemption Reserve on 31st March, 2017. Pass journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 49
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 50
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 51
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 52
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 53
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 54

Question 24.
Tata Motors Ltd. issued 40,000; 7% Debentures of ₹ 100 each on 1st July, 2009 redeemable at premium of 5% as under:
On 31st March, 2015 – 16,000 Debentures
On 31st March, 2016 – 16,000 Debentures
On 31st March, 2017 – 8,000 Debentures
It was decided to transfer amount out of profit to Debentures Redemption Reserve ₹ 2,00,000 on 31st March, 2012; ₹ 4,00,000 on 31st March, 2013 and balance on 31st March, 2014. It invested the required amount in terms of the Companies Act, 2013 in Government Securities and decided to realise them after last redemption. Paas journal entries ignoring interest.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 55
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 56
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 57
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 58

Question 25.
Ananya Ltd. had an authorised capital of ₹ 10,00,00,000 divided into 10,00,000 equity shares of ₹ 100 each. The company had already issued 2,00,000 shares. The dividend paid per share for the year ended 31st March,2007 was ₹ 30. The management decided to export its products to African countries. To meet the requirements of additional funds, the finance manager put up the following three alternate proposals before the Board of Directors:
(a) Issue 47, 500 equity shares at a premium of ₹ 100 per share.
(b) Obtain a long-term loan from bank which was available at 12% per annum.
(c) Issue 9% Debentures at a discount of 5%.
After evaluating these alternatives, the company decided to issue 1,00,000, 9% Debentures on 1st April, 2008. The face value of each debentures was ₹ 100. These debentures were redeemable in four installments starting from the end of third year, which were as follows:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 59
Prepare 9% Debenture Account form 1st April, 2008 till all the debentures were redeemed.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 10 Redemption of Debentures - 60

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TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures

TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures – Here are all the TS Grewal solutions for Class 12 Accountancy Chapter 9. This solution contains questions, answers, images, explanations of the complete Chapter 9 titled Issue of Debentures of Accountancy taught in Class 12. If you are a student of Class 12 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 9 Issue of Debentures. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 12 Accountancy Chapter 9 Issue of Debentures in one place.

TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures

Question 1.
Vishwas Ltd. issued 2,000; 9% Debentures of ₹ 100 each payable as follows:
₹ 25 on application; ₹ 25 on allotment and ₹ 50 on first and final call.
Applications were received for all the debentures along with the application money did allotment was made. Call money was also received on the due date.
Pass necessary Journal entries in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures - 1

Question 2.
A Ltd. issued 2,000; 9% Debentures of ₹ 100 each on the following terms:
₹ 20 on applications ; ₹ 20 on allotment ; ₹ 30 on first call ; ₹ 30 on final call.
The public applied for 2,400 debentures. Applications for 1,800 debentures were accepted in full. Applications for 400 debentures were allotted 200 debentures and applications for 200 debentures were rejected. Pass necessary Journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures - 2
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 3
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 5

Question 3.
ABC Ltd. issued 40,000; 10% Debentures of ₹ 100 each at par for cash payable in full along with the application. Applications were received for 60,000 debentures. Debentures were allotted and excess application money was refunded. Pass Journal entries in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 6

Question 4.
Narain Laxmi Ltd. invited applications for issuing 7,500; 12% Debentures of ₹ 100 each at a premium of ₹ 35 per debenture. The full amount was payable on application. Applications were received for 10,000 Debentures. Allotment was made to all the applications on pro rata.
Pass necessary Journal entries for the above transactions in the books of Narain Laxmi Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 7

Question 5.
Raj Ltd. issued 5,000; 8% Debentures of ₹ 100 each at a premium of 5% payable as follows:
₹ 10 on application; ₹ 20 along with premium on allotment and balance on first and final call.
Pass necessary Journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 8

Question 6.
Nipa Limited issued ₹ 10,00,000 Debentures of ₹ 100 each at a premium of 10%, payable 25% on application (including premium) and the balance on allotment. The debentures were applied for and the amount was dully received.
You are required to give Journal entries and prepare Cash Book.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 9
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 10.

Question 7.
Alok Ltd. issued 7,000, 10% Debentures of ₹ 500 each at a premium of ₹ 50 per debenture redeemable at a premium of 10% after 5 years. According to the terms of issue, ₹ 200 was payable on application and balance on allotment.
Record necessary Journal entries at the time of issue of 10% Debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 11

Question 8.
Vijay Laxmi Ltd. invited applications for 10,000; 12% Debentures of ₹ 100 each at a premium of ₹ 70 per debenture. The full amount was payable on application.
Applications were received for 13,500 debentures. Applications for 3,500 debentures were rejected and application money was refunded. Debentures were allotted to the remaining applications.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 12

Question 9.
Iron Products Ltd. issued 5,000; 9% Debentures of ₹ 100 each at a premium of ₹ 40 payable as follows:
(i) ₹ 40, including premium of ₹ 10 on applications;
(ii) ₹ 45, including premium of ₹ 15 on allotment and
(iii) Balance as first and final call.
The issue was subscribed and allotment made. Calls were made and due amount was received.
Pass Journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 92

Question 10.
X Ltd. issued 12,000; 8% Debentures of ₹ 100 each at a discount of 5% payable as 25% on application; 20% on allotment and balance after three months. Pass Journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 15
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 16

Question 11.
Alka Ltd. issued 5,000, 10% Debentures of ₹ 1,000 each at a discount of 10% redeemable at a premium of 5% after 5 years. According to the terms of issue ₹ 500 was payable on application and the balance amount on allotment of debentures. Record necessary entries regarding issue of 10% Debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 17

Question 12.
Amrit Ltd. was promoted by Amrit and Bhaskar with an authorised capital of ​₹ 10,00,000 divide into 1,00,000 shares of ₹ 10 each.
The company decided to issue 1,000, 6% Debentures of ₹ 100 each to Amrit and Bhaskar each for their services in incorporating the company. Pass journal entry.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 18

Question 13.
A limited company bought a Building for ₹ 9,00,000 and the consideration was paid by issuing 10% Debentures of the normal (face) value of ​₹ 100 each at a discount of 10%. Give journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 19

Question 14.
Wye Ltd. purchased an established business for ​₹ 2,00,000 payable as ₹ 65,000 by cheque and the balance by issuing 9% Debentures of ​₹ 100 each at a discount of 10%.
Give journal entries in the books of Wye Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 21

Question 15.
Newton Ltd. purchased a Machinery from B for ₹ 5,76,000 to be paid by the issue of 9% Debentures of ​₹ 100 each at 4% discount. Journalise the trasactions.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 22

Question 16.
Reliance Ltd. purchased machinery costing ₹ 1,35,000. It was agreed that the purchase consideration be paid by issuing 9% Debentures of ₹ 100 each. Assume debentures have been issued
(i) at par and
(ii) at a discount of 10%.
Give necessary journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 23
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 24

Question 17.
Deepak Ltd purchased furniture of ₹ 2,20,000 from M/s. Furniture Mart. 50% of the amount was paid to M/s. Furniture Mart by accepting a Bill of Exchanged and for the balance the company issued 9% Debenture of ₹ 100 each at a premium of 10% in favour of M/s. Furniture Mart.
Pass Journal entries in the books of Deepak Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 25

Question 18.
X Ltd. took over the assets of ₹ 6,00,000 and liabilities of ₹ 80,000 of Y Ltd for an agreed purchase consideration of ₹ 6,00,000 payable 10% in cash and the balance by the issue of 12% Debentures of ₹ 100 each. Give necessary journal entries in the books of X Ltd., assuming that:
Case (a): The debentures are issued at par.
Case (b): The debentures are issued at 20% premium.
Case (c): The debentures are issued at 10% discount.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 26
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 27

Question 19.
X Ltd. took over the assets of ₹ 6,60,000 and liabilities of ₹ 80,000 of Y Ltd. for ₹ 6,00,000. Give necessary journal entries in the books of X Ltd. assuming that:
Case (a): The purchase consideration was payable 10% in cash and the balance in 5,400; 12% Debentures of ₹ 100 each.
Case (b): The purchase consideration was payable 10% in cash and the balance in 4,500; 12% Debentures of ₹ 100 each issued at 20% premium.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 28

Question 20.
Perfect Barcode Ltd. purchased computers from M/s. Computer Mart and paid the consideration as follows:
(a) 1,000, 10% Debentures of ₹ 100 each at a discount of 10% ; and
(b) Issued a cheque for ₹ 80,000 for the balance amount.
Pass the journal entry in the books of Perfect Barcode Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 29

Question 21.
Lotus Ltd. took over assets of ₹ 2,50,000 and liabilities of ₹ 30,000 of Goneby Company for the purchase consideration of ₹ 3,30,000. Lotus Ltd. paid the purchase consideration by issuing debentures of ₹ 100 each at 10% premium.
Give journal entries in the books of Lotus Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 30

Question 22.
Exe Ltd. purchased the assets of the book value ₹4,00,000 and took over the liabilities of ₹ 50,000 from Mohan Bros.It was agreed that the purchase consideration, settled at ₹ 3,80,000 be paid by issuing debentures of ₹ 100 each.
Pass journal entries if debenture are issued:
(a) at par
(b) at a discount of 10% and
(c) at a premium of 10%.
It was agreed that any fraction of debentures be paid in cash.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 31
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 32

Question 23.
R Ltd. purchased the assets of S Ltd. for ₹ 5,00,000. It also agreed to take over the liabilities of S Ltd. amounted to ₹ 2,00,000 for a purchase consideration of ₹ 2,80,000. The payment of S Ltd. was made by issue of 9% Debentures of ₹ 100 each at par.
Pass necessary journal entries in the books of R Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 33

Question 24.
Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of ₹ 100 each at a discount of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 34

Question 25.
Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of ₹ 100 each at a discount of 10% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 35
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 36

Question 26.
X Ltd. issued 10% Debentures of nominal value of ₹ 10,00,000 as follows:
(i) To sundry persons for cash at par ₹ 5,00,000 nominal.
(ii) To a vendor for ₹ 5,50,000 for purchase of fixed assets ₹ 5,00,000 nominal.
Pass journal entries in the books of X Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 37

Question 27.
Best Barcode Ltd. took a loan of ₹ 5,00,000 from a bank giving ₹ 6,00,000; 9% Debentures as collateral security. Pass journal entries regarding issue of debentures, if any, and show this loan in the Balance Sheet of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 38
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 39
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 40
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 41

Question 28.
A company took a loan of ₹ 4,00,000 from Bandhan Bank Ltd. and issued 8% Debentures of ₹ 4,00,000 as a collateral security.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 42
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 43
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 44
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 45
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 46

Question 29.
X Ltd. took a loan of ₹ 3,00,000 from IDBI Bank. The company issued 4,000; 9% Debentures of ₹ 100 each as a collateral security for the same. Show how these items will be presented in the Balance Sheet of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 47
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 48

Question 30.
Journalise the following:
(a) A debenture issued at ₹ 95, repayable at ₹ 100.
(b) A debenture issued at ₹ 95, repayable at ₹ 105.
(c) A debenture issued at ₹95, repayable at ₹ 105.
The face value of debenture is ₹ 100 in each of the above cases.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 49
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 50

Question 31.
Pass journal entries in the following cases:
(a) A Co.Ltd. issued ₹ 40,000; 12% Debentures at a premium of 5% redeemable at par.
(b) A Co.Ltd. issued ₹ 40,000; 12% Debentures at a discount of 10% redeemable at par.
(c) A Co.Ltd. issued ₹ 40,000; 12% Debentures at par redeemable at 10% premium.
(d) A Co.Ltd. issued ₹ 40,000; 12% Debentures at a discount of 5% and redeemable at 5% premium.
(e) A Co.Ltd. issued ₹ 40,000; 12% Debentures at a premium of 10% redeemable at 110%.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 51
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 52

Question 32.
Footfall Ltd.issues 10,000 Debentures of Pass necessary journal entries relating to the issue of Debentures for the following:
(a) Issued ₹ 28,000; 10% Debentures of ₹ 100 each at a premium of 15% redeemable at par.
(b) Issued ₹ 30,000; 10% Debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 15%.
(c) Issued ₹ 80,000; 10% Debentures of ₹ 100 each at par repayable at a premium of 10%. 100 each at a discount of 10% redeemable at a premium of 5% after the expiry of three years.
Pass journal entries for the issue of these debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 53

Question 33.
Pass necessary journal entries relating to the issue of Debentures for the following:
(a) Issued ₹ 4,00,000; 9% Debentures of ₹ 100 each at a premium of 8% redeemable at 10% premium.
(b) Issued ₹ 6,00,000; 9% Debentures of ₹ 100 each at par, repayable at a premium of 10%.
(c) Issued ₹ 10,00,000; 9% Debentures of ₹ 100 each at a premium of 5%,redeemable at par.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 54

Question 34.
Pass necessary journal entries relating to the issue of Debentures for the following:
(a) Issued ₹ 28,000; 10% Debentures of ₹ 100 each at a premium of 15% redeemable at par.
(b) Issued ₹ 30,000; 10% Debentures of ₹ 100 each at a premium of 10% and redeemable at a premium of 15%.
(c) Issued ₹ 80,000; 10% Debentures of ₹ 100 each at par repayable at a premium of 10%.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 55
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 56

Question 35.
Journalise the following transaction at the time of issue of 12% Debentures:
Nandan Ltd. issued ₹ 90,000, 12% Debentures of ₹ 100 each at a discount of 5% redeemable at 110%.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 57

Question 36.
Pass necessary journal entries for the issue of Debentures in the following cases:
(a) ₹ 40,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at par.
(b) ₹ 70,000; 12% Debentures of ₹ 100 each issued at a premium of 5% redeemable at a premium of 110.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 58
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 59

Question 37.
Pass necessary journal entries for the issue of Debentures in the following cases:
(a) ₹ 40,000; 15% Debentures of ₹ 100 each issued at a discount of 10% redeemable at par.
(b) ₹ 80,000; 15% Debentures of ₹ 100 each issued at a premium of 10% redeemable at a premium of 10%.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 60
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 61

Question 38.
XYZ Ltd.issued 5,000, 10% Debentures of ₹ 100 each on 1st April, 2015 at a discount of 10% redeemable at a premium of 10% after 4 years. Give journal entries for the year ended 31st March, 2016, assuming that the interest was payable half-yearly on 30th September and 31st March. Tax is to be deducted @ 10%.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 62
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 63

Question 39.
Bright Ltd. issued 5,000; 10% Debentures of ₹ 100 each on 1st April, 2015. The issue was fully subscribed. According to the terms of issue, interest on the debentures is payable half-yearly on 30th September and 31st March and the tax deducted at source is 10%.
Pass necessary journal entries related to the debenture interest for the year ending 31st March, 2016 and transfer of interest on debentures of the year to the Statement of Profit and Loss.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 64

Question 40.
On 1st April, 2015, V.V.L. Ltd issued 1,000, 9% Debentures of ₹ 100 each at a discount of 6%, redeemable at a premium of 10% after three years. Pass necessary journal entries for the issue of debentures and debenture interest for the year ended 31st March, 2016, assuming that interest is payable on 30th September and 31st March and the rate of tax deducted at source is 10%. The company closes its books on 31st March every year.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 65
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 66

Question 41.
X Ltd. issued 30,000, 10% Debentures of ₹ 100 each at a discount of 5% on 1st April, 2015. As per the terms of issue, debentures are to be redeemed at the end of five years. Show the amount of discount to be written off from Statement of Profit and Loss every year.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 67

Question 42.
A limited company issued ₹ 10,00,000; 9% Debentures at a discount of 6% on 1st April, 2014. These debentures are to be redeemed equally, in 5 annual installments starting from 31st March, 2015. Discount on Issue of Debentures is written off during the tenure of debentures.
Pass the journal entries for issue of debentures and writing off the discount.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 68
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 69

Question 43.
On 1st April, 2014, Popular Ltd. issued 20,000; 10% Debentures of ₹ 100 each at a discount of 10% redeemable at par. Show the Discount on Issue of Debentures Account if
(a) such debentures are redeemable after 4 years, and
(b) such debentures are redeemable by equal annual drawings in 4 years, starting from 31st March, 2015. Popular Ltd. follows financial year as its accounting year.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 70
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 71
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 72

Question 44.
On 1st April 2012, Z Ltd. issued ₹ 10,00,000, 10% Debentures of ₹ 100 each at 94% redeemable at par. The debentures are to be redeemed by drawings method in the following manner:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 73
Calculate the amount of discount on issue of debentures to be written off each year.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 74

Question 45.
A company issued 9% Debentures of ₹ 10,00,000 at 8% discount, redeemable at par. The debentures are to be redeemed by drawings method in the following manner:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 75
Calculate the amount of discount on issue of debentures to be written off each year.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 76

Question 46.
Kangaroo Ltd. issued 5,000, 8% Debentures of ₹ 100 each at a discount of 8%. The company decided to write off discount in the year of loss from Capital Reserve which has a balance of ₹ 1,00,000. Pass the journal entry for writing off discount.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 77

Question 47.
Grand Hotels Ltd.issued 30,000, 7% Debentures of ₹ 100 each at a discount of 5% redeemable at a premium of 5%. It decided to write off loss on issue of debentures first from Capital Reserve then from Securities Premium Reserve and balance from Statement of Profit and Loss. It has balances as follows:
Capital Reserve – ₹ 80,000 and Securities Premium Reserve – ₹ 1,00,000.
Pass the journal entry for writing off loss on Issue of Debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 78

Question 48.
Kitply Ltd.issued ₹ 2,00,000, 10% Debentures at a discount of 5%. The terms of issue provide the repayment at the end of 4 years. Kitply Ltd.has a balance of ₹ 5,00,000 in Securities Premium Reserve. The company decided to write off discount on issue of debentures from Securities Premium Reserve in the first year.
Pass the journal entry.
Solution:
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Question 49.
Typhoo Ltd.issued 5,000, 9% Debentures of ₹ 100 each at a discount of 5% redeemable at the end of 5 years at a premium of 10%. Typhoo Ltd.has a balance of ₹ 2,00,000 in Securities Premium Reserve. Loss on Issue of debentures is to be written off equally over the life of debentures from Securities Premium Reserve to the extent possible.
Pass the journal entries for writing off the Loss on Issue of Debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 79

Question 50.
Tetley Ltd. issued 10,000, 9% Debentures of ₹ 100 each at a discount of 5% redeemable at the end of 5 years at a premium of 10%. Tetley Ltd. has a balance of ₹ 50,000 in Securities Premium Reserve. Loss on Issue of debentures is to be written off equally over the life of debentures.
Pass the journal entries for writing off the Loss on Issue of Debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 81

Question 51.
Global Ltd.issued 10,000, 8% Debentures of ₹ 100 each redeemable at the end of 3 years at a premium of ₹ 9.
Pass the journal entries for writing off the Loss on Issue of Debentures. Also prepare Loss on Issue of Debentures Account.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 82

Question 52.
On 1st April, 2013, ABC Ltd. issued 10,000, 10% Debentures of ₹ 100 each at a discount of 4% redeemable after 5 years at a premium of 6%.
Pass the necessary journal entries for issue of debentures and writing off Loss on issue of Debentures. Also prepare Loss on issue of Debentures Account.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 84
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 85
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 86

Question 53.
Feeble Ltd.issued 10% Debentures at 94% for ₹ 20,00,000 on 1st July, 2013 repayable by five equal annual installments of ₹ 4,00,000 each starting from 30th June, 2014. Calculate the amount of discount to be written off in every accounting year assuming that the company decides to write off the debentures discount during the life of the debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 87

Question 54.
On 1st May, 2016, Goodluck Ltd. issued 16,000, 9% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% redeemable after five years. All the debentures were subscribed and allotment was made. Discount on issue of Debentures is to be written off over the life of the debentures.
Prepare the Balance Sheet (extract) as at 31st March, 2017 showing Discount on issue of Debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 88
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 89

Question 55.
On 1st June, 2015, R Energy Ltd. issued 10,000, 7% Debentures of ₹ 100 each at a discount of 10% redeemable at a premium of 10% at the end of five years. All the debentures were subscribed and allotment was made. Loss on issue of Debentures is to be written off over the life of the debentures.
Prepare the Balance Sheet (extract) as at 31st March, 2016 and 31st March, 2017 showing Loss on issue of Debentures.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 90
TS Grewal Accountancy Class 12 Solutions Chapter 9 Issue of Debentures image - 91

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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital

TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital – Here are all the TS Grewal solutions for Class 12 Accountancy Chapter 8. This solution contains questions, answers, images, explanations of the complete Chapter 8 titled Accounting for Share Capital of Accountancy taught in Class 12. If you are a student of Class 12 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 8 Accounting for Share Capital. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete TS Grewal Solutions for Class 12 Accountancy Chapter 8 Accounting for Share Capital in one place.

TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital

Question 1.
Gopal Ltd. was registered with an authorised capital of ₹ 50,00,000 divided into Equity Shares of ₹ 100 each. The company offered for public subscription all the shares. Public applied for 45,000 shares and allotment was made to all the applicants. All the calls were made and were duly received except the final call of ₹ 20 per share on 500 shares.
Prepare the Balance Sheet of the company showing the different types of share capital.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 1
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 2

Question 2.
Himmat Ltd has authorised share capital of ₹ 50,00,000 divided into 5,00,000 Equity Shares of ₹ 10 each. It has existing issued and paid up capital of ₹ 5,00,000. It further issued to public 1,50,000 Equity Shares at par for subscription payable as under:
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The issue was fully subscribed and allotment was made to all the applicants. Call was made during the year and was duly received.
Show share capital of the company in the Balance Sheet of the Company.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 4

Question 3.
Lennova Ltd. has authorised share capital of ₹ 1,00,00,000 divided into 1,00,000 Equity Shares of ₹ 100 each. It has existing issued and paid up capital of ₹ 25,00,000. It further issued to public 25,000 Equity Shares at a premium of 20% for subscription payable as under:
On Application: ₹ 30
On Allotment: ₹ 60 and
On Call: Balance Amount.
The issue was fully subscribed and allotment was made to all the applicants. The company did not make the call during the year.
Show share capital of the company in the Balance Sheet of the Company.
Solution:
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Question 4.
A company issued 2,50,000 Equity Shares of ₹ 10 each to public. All amounts have been received in lump sum. Pass necessary journal entries in the books of the company.
Solution:
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Question 5.
The authorised capital of ₹ 16,00,000 of XYZ Ltd. is divide into 1,60,000 Equity Shares of ₹ 10 each. Out of these shares 80,000 Equity Shares were issued at par to public for subscription. The full nominal value is payable on application. All the shares were subscribed by the public and total amount was paid for Pass necessary journal entries in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 8

Question 6.
XYZ Ltd. invited applications for 10,000 shares of ₹ 100 each payable as follows:
₹ 20 on application, ₹ 30 on allotment, ₹ 20 on first call and the balance on final call.
All the shares were applied and allotted. All the money was duly received.
You are required to journalise these transactions.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 11

Question 7.
Marigold Ltd. was registered with the authorized capital of ₹ 3,00,000 divided into 3,000 shares of ₹ 100 each, which were offered to the public Amount payable as ₹ 30 per share on application, ₹ 40 per share on allotment and ₹ 30 per share on first and final call. These shares were fully subscribed and all money was dully received. Prepare journal and Cash Book.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 13

Question 8.
A company was registered with an authorised capital of ₹ 10,00,000 divided into 7,500 Equity Shares of ₹ 100 each and, 2,500 Preference Shares of ₹ 100 each. 1,000 Equity and 500; 9% Preference Shares were offered to public on the following terms-
Equity Shares payable
₹ 10 on application, ₹ 40 on allotment and the balance in two calls of ₹ 25 each. Preference Shares are payable ₹ 25 on application, ₹ 25 on allotment and ₹ 50 on first and final call. All the shares were applied for and allotted. Amount due was duly received. Prepare Cash Book and pass necessary journal entries to record the above issue of shares and show how the Share Capital will appear in the Balance Sheet.
Solution:
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Question 9.
Shiva Ltd. issued 1,00,000 Equity Shares of ₹ 10 each at a premium of ₹ 5 per share. The whole amount was payable on application. The issue was fully subscribed. Pass necessary Journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 18

Question 10.
A limited company offered for subscription 10,000 shares of ₹ 25 each, payable ₹ 5 per share on application, ₹ 10 per share on allotment (including ₹ 5 per share as premium), ₹ 5 per share as first call on the shares and the balance in two equal amounts at intervals of three months. All the shares were applied for and allotted. All the money was received except the second call and final call on 200 and 400 shares respectively.
You are asked to show the entries in the company’s Journal, Cash Book and the ledger. Also show the company’s Balance Sheet oncompletion of the above transaction.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 19
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 27

Question 11.
X Ltd. was incorporated with a capital of ₹ 2,00,000 divided into shares of ₹ 10 each. 2,000 shares were offered to the public and out of these 1,800 shares were applied for and allotted ₹ 3 per share (including ₹ 1 premium) was payable on application, ₹ 4 per share (including ₹ 1 premium) on allotment, ₹ 2 per share on first call and ₹ 3 per share on final call. All the money was received. Give necessary journal entries and the Balance Sheet.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 29
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Question 12.
Authorized capital of Suhani Ltd. is ₹ 45,00,000 divided into 30,000 shares of ₹ 150 each. Out of these company issued 15,000 shares of ₹ 150 each at a premium of ₹ 10 per share. the amount was payable as follows:
₹ 50 per share on application, ₹ 40 per share on allotment (including premium), ₹ 30 per share on firs t call and balance on final call. Public applied for 14,000 shares. All the money was duly received .
Prepare an extract of Balance Sheet of Suhani Ltd . as per Schedule III, Part I of the companies Act, 2013 disclosing the above information. Also prepare Notes to Accounts for the same.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 33

Question 13.
SRCC Ltd. was registered with a capital of ₹ 25,00,000 in shares of ₹ 10 each. It issued a prospectus inviting applications for 25,000 shares at 40% premium payable as follows:
On application ₹ 5 (including ₹ 1 premium), on Allotment ₹ 4 (including ₹ 1 premium), on first call ₹ 3 (including ₹ 1 premium), on second and final call ₹ 2 (including ₹ 1 premium).
Applications were received for 25,000 shares. All money was duly received. Pass the necessary Journal entries.
Solution:
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Question 14.
X Ltd. invited application for 10,000 Equity Shares of ₹ 10 each issued at per The amount was payable on application. The issue was oversubscribed by 2,000 shares and allotment was made on pro rata basis. Pass necessary Journal entries.
Solution:
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Question 15.
Citizen Watches Ltd. invited applications for 50,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 4 on allotment and balance on first and final call . Applications were received for 60,000 shares. Applications were accepted for 50,000 shares and remaining applications were rejected. All calls were made and received except First and Final call on 500 shares.
Pass the journal entries in the books of Citizen Watches Ltd .
Solution:
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Question 16.
ABC Company Ltd.offered for subscription 20,000 shares of ₹ 10 each payable ₹ 3 on application and ₹ 5 on allotment for each share. Applications were received for 30,000 shares. Letters of regret were issued to applicants for 5,000 shares and their application money was refunded.
Application money for other 5,000 shares was applied towards the payment for allotment money. The balance of allotment money was also received in due time.
You are to prepare the journal, Cash Book, Ledger Accounts and the Balance Sheet of the company.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 39
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 40

Question 17.
Eastern Company Limited having an authorised capital of ₹ 10,00,000 divided into shares of ₹ 10 each, issued 50,000 shares at a premium of ₹ 3 per share payable as follows:
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Applications were received for 60,000 shares and the directors allotted the shares as follows:
(i) Applicants for 40,000 shares received in full.
(ii) Applicants for 15,000 shares received an allotment of 8,000 shares.
(iii) Applicants for 5,000 shares received 2,000 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was made and the money was received except on 100 shares.
Give journal and cash book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 44

Question 18.
X company issued ₹ 10,00,000 shares for subscription of ₹ 100 each at a premium of ₹ 20 per share payable as:
₹ 10 per share on application,
₹ 40 per share and ₹ 10 premium on allotment, and
₹ 50 per share and ₹ 10 premium on final payment.
Over-payments on application were to be applied towards amount due on allotment and over-payments on application exceeding amount due on allotment was to be returned. Issue was oversubscribed to the extent of 13,000 shares. Applicants for 12,000 shares were allotted only 1,000 shares and applicants for 2,000 shares were sent letters of regret. All the money due on allotment and final call was duly received.
Pass necessary entries in the company’s books to record the above transactions. Also, prepare company’s Balance Sheet on completion of the above transactions.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 46
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Question 19.
Sugandh Ltd. issued 60,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 5(including premium) on allotment and the balance on first and final call. Applications were received for 92,000 shares. The Directors resolved to allot as:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 50
Mohan, who had applied for 800 shares in Category
(i) and Sohan, who was allotted 600 shares in Category
(ii) failed to pay the allotment money. Calculate amount received on allotment.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 52
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 53

Question 20.
Sony Media Ltd.issued 50,000 shares of ₹ 10 each payable ₹ 3 on application, ₹ 4 on allotment and balance on first and final call. Applications were received for 1,00,000 shares and allotment was made as follows:
(i) Applicants for 60,000 shares were allotted 30,000 shares,
(ii) Applicants for 40,000 shares were allotted 20,000 shares,
Anupam to whom 1,000 shares were allotted from category
(i) failed to pay the allotment money.
Pass journal entries up to allotment.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 55

Question 21.
The Kalyan Cotton Mills Ltd.was registered on 1st January, 2011 with a capital of ₹10,00,000 divided into 1,00,000 shares of ₹ 10 each. The company issued 42,000 shares of which 40,000 shares were taken up by the public and ₹ 1 per share was received with application. On 1st February, these shares were allotted and ₹ 2 per share was duly received on 28th February as allotment money. A first call of ₹ 3 per share was made on 1st March and the call money on all shares with the exception of 100 shares was received. The final call of ₹ 4 per share was made on 1st June and the amount due, with the exception of 400 shares was received by 30th June. Pass necessary journal ands Cash Book entries and prepare the Balance Sheet as at 30th June, 2011.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 57
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 60

Question 22.
Ghosh Ltd. made the second and final call on its 50,000 Equity Shares @ ₹ 2 per share on 1st January, 2016. The entire amount was received on 15th January, 2016 except on 100 shares allotted to Venkat. Pass necessary journal entries for the call money due and received by opening Calls-in-Arrears Account.
Solution:
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Question 23.
A Ltd was registered with a capital of ₹ 5,00,000 in shares of ₹ 10 each and issued 20,000 such shares at a premium of ₹ 2 per share payable as ₹ 2 per share on application, ₹ 5 per share on allotment (including premium) and ₹ 2 per share on first call made three months later. All the money payable on application and allotment was duly received but when the first call was made, one shareholder paid the entire balance on his holding of 300 shares and another shareholder holding 1,000 shares failed to pay the first call money.
Pass journal entries to record the above transactions and show how they will appear in the company’s Balance Sheet.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 65

Question 24.
XYZ Ltd.issued 8,000 Equity Shares of ₹ 10 each. ₹ 5 per share was called, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call. All the money was duly received with the following exceptions:
A who holds 250 shares paid nothing after application.
B who holds 500 shares paid nothing after allotment.
C who holds 1,250 shares paid nothing after first call.
Prepare journal and the Balance Sheet.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 67
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 67
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Question 25.
Bharat Ltd made the first call of ₹ 2 per share on its 1,00,000 Equity Shares on 1st March, 2006. Ashok, a shareholder, holding 800 shares paid the second and final call amount along with the first call money. The second and final call amount was ₹ 3 per share. Pass necessary journal entries for recording the above using the Calls-in Advance Account.
Solution:
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Question 26.
2,000 Equity Shares of ₹ 10 each were issued to Limited from whom assets of ₹ 25,000 were acquired. Pass Journal entry.
Solution:
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Question 27.
A limited company issued 800 Equity Shares of ₹ 100 each at a premium of 25% as fully paid-up in consideration of the purchase of plant and machinery of ₹ 1,00,000. Pass entries in company’s journal.
Solution:
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Question 28.
Rajan Ltd. purchased assets from Geeta & Co. for ₹ 5,00,000. A sum of ₹ 1,00,000 was paid by means of a bank draft and for the balance due Rajan Ltd. issued equity Shares of ₹ 10 each at a premium of 25%. journalise the above transactions in the books of the company.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 75

Question 29.
Z Ltd. purchased furniture costing ₹ 2,20,000 from C.D Ltd. The payment was to be made by issue of 9% Preference Shares of ₹ 100 each at a premium of ₹ 10 per share. Pass necessary Journal entries in the books of Z Ltd.
Solution:
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Question 30.
Goodluck Ltd purchased machinery costing ₹ 10,00,000 from Fair Deals Ltd. The company paid the price by issue of Equity Shares of ₹ 10 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Goodluck Ltd.
Solution:
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Question 31.
Jain Ltd purchased machinery costing ₹ 10,00,000 from Ayer Ltd. 50% of the payment was made by cheque and for the remaining 50%, the company issued Equity Shares of ₹ 100 each at a premium of 25%. Pass necessary Journal entries in the books of Jain Ltd. for the above transaction.
Solution:
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Question 32.
Sona Ltd. purchased machinery costing ₹ 17,00,000 from Mona Ltd. Sona Ltd. paid 20% of the amount by cheque and for the balance amount issued Equity Shares of ₹ 100 each at a premium of 25%. Pass necessary Journal entries for the above transactions in the books of Sona Ltd .Show your working notes clearly.
Solution:
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Question 33.
Light Lamps Ltd. issued 50,000 shares of ₹ 10 each as fully paid-up to the promoters for their services to set-up the company. It also issued 2,000 shares of ₹ 10 each credited as fully paid-up to the underwriters of shares for their services. journalise these transactions.
Solution:
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Question 34.
Better Prospect Ltd. acquired land costing ₹ 1,00,000 and in payment allotted 1,000 Equity Shares of ₹ 100 each as fully paid. Further, the company issued 4,000 Equity Shares to public. The shares were payable as: ₹ 30 on application; ₹ 30 on allotment; ₹ 40 on first and final call.
Applications were received for all shares which were allotted. All the money was received except the call on 200 shares.
Pass journal entries and prepare Balance Sheet of the company.
Solution:
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Question 35.
A company issued 30,000 fully paid-up shares of ₹ 100 each for purchase of the following assets and liabilities from Sharma Co:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 86
You are required to pass necessary journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 87

Question 36.
A company purchased a running business from M/s. Rai Brothers for a sum of ₹ 15,00,000 payable ₹ 12,00,000 in fully paid shares of ₹ 10 each and balance through cheque.
The assets and liabilities consisted of the following:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 88
You are required to pass necessary journal entries in the company’s books.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 89

Question 37.
Sandesh Ltd. took over the assets of ₹ 7,00,000 and liabilities of ₹ 2,00,000 from Sanchar Ltd. for a purchase consideration of ₹ 4,59,500. ₹ 8,500 were paid by accepting a draft in favour of Sanchar Ltd. payable after three months and the balance was paid by issue of equity shares of ₹ 10 each at a premium of 10% in favour of Sanchar Ltd.
Pass necessary journal entries for the above transactions in the books of Sandesh Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 90

Question 38.
Z Ltd. issued 20,000 Equity Shares of ₹ 10 each at par payable: On application ₹ 2 per share; on allotment ₹ 3 per share; on first call ₹ 3 per share; on second and final call ₹ 2 per share.
Mr Gupta was allotted 100 shares. Pass necessary journal entry relating to the forfeiture of shares in each of the following alternative cases:
Case I: If Mr Gupta failed to pay the allotment money and his shares were forfeited.
Case II: If Mr Gupta failed to pay allotment money and on his subsequent failure to pay the first call his shares were forfeited.
Case III: If Mr Gupta failed to pay the first call and on his subsequent failure to pay the second and final call, his shares were forfeited.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 91
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 92

Question 39.
A Co Ltd. was registered with a nominal capital of ₹ 1,00,000 in Equity Shares of ₹ 10 each. It offered to the public 6,000 shares for subscription. The applications were received for 8,000 shares. The Directors rejected applications for 1,000 shares and returned the money received thereon. The application money received on the other 1,000 shares was adjusted towards allotment money. The amount payable on shares was: ₹ 2 per share on application, ₹ 4 per share on allotment and the balance on first call. One shareholders holding 100 shares failed to pay the first call money and as a result his shares were forfeited.
Pass necessary journal entries and prepare Cash Book to record the above transactions.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 93
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 94
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 94

Question 40.
U.P. Sugar Works Ltd. was registered on 1st January, 2014 with an authorised capital of ₹ 15,00,000 divided into 15,000 shares of ₹ 100 each. The company issued on 1st April, 2014, 5,000 shares of ₹ 100 each at a premium of ₹ 5 per share payable ₹ 25 per share on application, ₹ 30(including premium) on allotment and the balance in two equal installments of ₹ 25 each on 1st July ad 1st October respectively. All the allotments and call moneys were paid when due except in case of one shareholder who failed to pay the final call on 100 shares held by him. His shares were forfeited on 1st November after giving him a due notice. Show necessary entries in the books of the company to record these transactions.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 96
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 97
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 319

Question 41.
A company issued 10,000 Equity Shares of ₹ 10 each at a premium of ₹ 3 per share payable ₹ 5 on application, ₹ 5 (including premium) on allotment and the balance on first call. All the shares offered were applied for and allotted. All the money due on allotment was received except on 200 shares. Call was made. All the amount due thereon was received except on 300 shares. Directors forfeited 200 shares on which both allotment and call money were not received.
Pass necessary journal entries to record the above.

Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 99
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 100
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 101

Question 42.
A company issued 10,000 shares of the value of ₹ 10 each, payable ₹ 3 on application, ₹ 3 on allotment and ₹ 4 on the first and final call. All amounts are duly received except the call money on 100 shares. These shares are subsequently forfeited by Directors and are resold as fully paid-up for ₹ 500.
Give necessary journal entries for the transactions.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 102
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 103
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 104

Question 43.
X Ltd. forfeited 900 Equity Shares of ₹ 100 each for the non-payment of allotment money of ₹ 30 per share and the first call of ₹ 20 per share. The second and final call of ₹ 25 per share has not been made. The forfeited shares were reissued for ₹ 90 per share, ₹ 75 paid-up. Journalise the above.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 105
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 106
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 107

Question 44.
The Directors of M Ltd resolved on 1st May, 2015 that 2,000 Equity Shares of ₹ 10 each, ₹ 7.50 paid be forfeited for non-payment of final call of ₹ 2.50. On 10th June, 2015, ₹ 1,800 of these shares were reissued for ₹ 6 per share. Give necessary Journal entries.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 108
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 109

Question 45.
Super Star Ltd. makes an issue of 10,000 Equity Shares of ₹ 100 each, payable as:
On application and allotment ₹ 50 per share
On first call ₹ 25 per share
On second and final call ₹ 25 per share.
Members holding 400 shares did not pay the second and final call and the shares are duly forfeited, 200 of which are reissued as fully paid-up @ ₹ 50 per share. Pass journal entries in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 110
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 111
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 112

Question 46.
A company issued 20,000 shares of ₹ 100 each payable ₹ 25 per share on application, ₹ 25 per share on allotment and the balance in two calls of ₹ 25 each. The company did not make the final call of ₹ 25 per share. All the money was duly received with the exception of the amount due on the first call on 400 shares held by Mr. Modi. The Board of Directors forfeited these shares and subsequently reissued them @ ₹ 75 per share paid-up for a sum of ₹ 28,000. journalise the above transactions and prepare Share Capital Account.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 113
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 114
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 115
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 116

Question 47.
The Hindustan Manufacturing Ltd. had a total subscribed capital of ₹ 10,00,000 in Equity Shares of ₹ 10 each of which ₹ 7.50 were called-up. A final call of ₹ 2.50 was made and all amount paid except two calls of ₹ 2.50 each in respect of 100 shares held by D. These shares were forfeited and reissued at ₹ 8 per share.
Pass necessary journal entries (including that of cash) to record the transactions of final call forfeiture of shares and reissue of forfeited shares. Also, prepare the Balance Sheet of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 117
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 118
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 119
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 120

Question 48.
On 1st May, 2014, Directors of a Limited Company forfeited 200 shares of ₹ 20 each, ₹ 15 per share called-up, on which ₹ 10 per share has been paid by the amount of the first call of ₹ 5 per share being unpaid. Ten days Later, the Directors reissued the forfeited shares to B credited as ₹ 15 per share paid-up, for a payment of ₹ 10 per share.
Give journal entries in the company’s books to record the forfeited shares and their reissue.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 121

Question 49.
X Ltd. forfeited 100 shares of ₹ 10 each (₹ 8 called-up) issued at a premium of ₹ 2 per share to Mr. R on which he had paid applications money of ₹ 5 per share, for non-payment of allotment money of ₹ 5 per share (including premium). Out of these, 70 shares were reissued to Mr . Sanjay as ₹ 8 called-up for ₹ 7 per share. Give necessary journal entries relating to forfeiture and reissue of shares.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 122
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 122

Question 50.
A Limited Company forfeited 100 Equity Shares of the face value of ₹ 10 each, ₹ 6 per share called-up, for non-payment of first call of ₹ 2 per share. The forfeited shares were subsequently reissued as fully paid-up @ ₹ 7 each.
Give necessary entries in the company’s journal.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 124

Question 51.
Give necessary journal entries:
(i) The Directors of Devendra Ltd. resolved on 1st January, 2010 that Equity Shares of ₹ 10 each, ₹ 8 paid-up be forfeited for non-payment of final call of ₹ 2. On 1st February, 60 of these shares were reissued @ ₹ 7 per share as fully paid-up.
(ii) Virender Limited forfeited 20 shares of ₹ 100 each(₹ 60 called-up) issued at par to Mukesh on which he had paid ₹ 20 per share. Out of these, 15 shares were reissued to Sanjeev as ₹ 60 paid-up for ₹ 45 per share.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 125
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 127
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 128
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 129

Question 52.
Show the forfeiture and reissue entries under each of the following cases:
(i) X Ltd. forfeited 300 shares of ₹ 10 each, ₹ 8 called-up held by Mr. A for non-payment of second call money of ₹ 3 per share. These shares were reissued to Mr. Z for ₹ 10 per share as fully paid-up.
(ii) Y Ltd. forfeited 400 shares of ₹ 10 each, fully called-up, held by Mr. B for non-payment of final call money of ₹ 4 per share. These shares were reissued to Mr. T at ₹ 12 per share as fully paid-up.
(iii) Z Ltd. forfeited 250 shares of ₹ 10 each, fully called-up held by Mr. C for non-payment of allotment @ ₹ 8 per share as fully paid-up to Mr. P.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 130
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 131
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 132

Question 53.
Record the journal entries for forfeiture and reissue of shares in the following cases:
(i) X Ltd. forfeited 20 shares of ₹ 10 each, ₹ 7 called-up on which the shareholder had paid application and allotment money of ₹ 5 per share. Out of these, 15 shares were reissued to Naresh as ₹ 7 per share paid-up for ₹ 8 per share.
(ii) Y Ltd. forfeited 90 shares of ₹ 10 each, ₹ 8 called-up issued at a premium of ₹ 2 per share to R for non-payment of allotment money of ₹ 5 per share (including premium). Out of these, 80 shares were reissued to Sanjay as ₹ 8 called-up for ₹ 10 per share.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 133
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 134

Question 54.
Star Ltd. forfeited 500 Equity Shares of ₹ 100 each for non-payment of first call of ₹ 30 per share. The final call of ₹ 10 per share was not yet made. Out of these, 60% shares were reissued for ₹ 39,000 fully paid. journalise the forfeiture and reissue of shares.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 135

Question 55.
A holds 100 shares of ₹ 10 each on which he has paid ₹ 1 per share on application.
B holds 200 shares of ₹ 10 each on which he has paid ₹ 1 and ₹ 2 per share on application and allotment respectively.
C holds 300 shares of ₹ 10 each and has paid ₹ 1 on application, ₹ 2 on allotment and ₹ 3 on first call. They all fail to pay their arrears and the second call of ₹ 2 per share. Shares are forfeited and subsequently reissued @ ₹ 11 per share as fully paid-up.
journalise the above.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 136
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 137
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 138
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 139

Question 56.
A Ltd. company with registered capital of ₹ 5,00,000 in shares of ₹ 10 each issued 20,000 of such shares payable ₹ 2 on application, ₹ 4 on allotment, ₹ 2 on final call . All the money payable on allotment was duly received but on the first call being made, one shareholder paid the entire balance on his holding of 300 shares and five shareholders with a total holding of 1,000 shares failed to pay their dues on the first call. These shares were forfeited for non-payment of first call money. Final call was made and all the money due was received. Later on, forfeited shares were reissued @ ₹ 6 per share as fully paid-up.
Record the above in the company’s journal and prepare the Balance Sheet.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 140
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 141
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 142
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 143
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 144
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 145

Question 57.
New Company Ltd. has a nominal capital of ₹ 2,50,000 in shares of ₹ 10. Of these, 4,000 shares were issued as fully paid in payment of building purchased, 8,000 shares were subscribed by the public and during the first year ₹ 5 per share were called-up, payable ₹ 2 on application, ₹ 1 on allotment, ₹ 1 on first call and ₹ 1 on second call. The amounts received in respect of these shares were:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 146
The Directors forfeited the 750 shares on which less than ₹ 4 had been paid. The shares were subsequently reissued at ₹ 3 per share.
Pass journal entries recording the above transactions and prepare the company’s Balance Sheet.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 147
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 148
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 149
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 150
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 151
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 151

Question 58.
X Ltd. invited applications for 10,000 Equity Shares of ₹ 10 each for public subscription. The amount of these shares was payable as:
On application ₹ 1 per share, on allotment ₹ 2 per share, on first call ₹ 3 per share and on second and final call ₹ 4 per share.
All sums payable on application, allotment and calls were duly received with the following exceptions:
(i) A, who held 200 shares, failed to pay the money on allotments and calls.
(ii) B to whom 150 shares were allotted, failed to pay the money on first call and final call.
(iii) C, who held 50 shares did not pay the amount of second and final call.
The shares of A, B and C were forfeited and were subsequently reissued for cash as fully paid-up at a discount of 5%.
Pass necessary journal entries to record these transactions in the books of X Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 153
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 154
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 155
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 156
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 157

Question 59.
A share of ₹ 100 issued at a premium of ₹ 10 on which ₹ 80 (including premium) was called and ₹ 60 (including premium) was paid, has been forfeited. This share was afterwards reissued as fully paid-up for ₹ 70. Give Journal entries to record the above.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 158

Question 60.
Pass journal entries in the following cases:
M Ltd. forfeited 200 Equity Shares of ₹10 each issued at a premium of ₹ 5 per share, held by Ram for non-payment of the final call of ₹ 3 per share. Of these, 100 shares were reissued to Vishu at a discount of ₹ 4 per share.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 159
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 160

Question 61.
VT Ltd forfeited 200 shares of ₹ 10 each, issued at a premium of ₹ 5 per share, held by Mohan for non-payment of the final call of ₹ 3 per share. 100 out of these shares were reissued to Narendra at a discount of ₹ 4 per share. Journalise.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 161
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 162

Question 62.
The Directors of a company forfeited 300 shares of ₹ 10 each issued at a premium of ₹ 3 per share, for the non-payment of the first call money of ₹ 2 per share. The final call of ₹ 2 per share has not been made. Half the forfeited shares were reissued at ₹ 1,500 as fully paid-up. Record the journal entries for the forfeiture and reissue of shares.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 163
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 164

Question 63.
JCV Ltd., forfeited 200 shares of ₹ 10 each issued at a premium of ₹ 2 per share for the non-payment of allotment money of ₹ 3 per share (including premium). The first and final call of ₹ 4 per share has not been made as yet. 50% of the forfeited shares were reissued at ₹ 8 per share as fully paid-up. Pass necessary Journal entries for the forfeiture and reissue of shares.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 165
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 166
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 167

Question 64.
Pass necessary journal entries in the books of the company for the following transactions:
Vishesh Ltd. forfeited 1,000 Equity Shares of ₹ 10 each issued at a premium of ₹ 2 per share for non-payment of allotment money of ₹ 5 per share including premium. The final call of ₹ 2 per share was not yet called on these shares. Of the forfeited shares 800 shares were reissued at ₹ 12 per share as fully paid-up.
The remaining shares were reissued at ₹ 11 per share fully paid-up.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 168

Question 65.
150 shares of ₹ 10 each issued at a premium of ₹ 4 per share payable with allotment were forfeited for non-payment of allotment money of ₹ 8 per share including premium. The first and final call of ₹ 4 per Pass Journal entries in the books of X Ltd. for the above.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 169

Question 66.
Commence Publications Ltd. issued 50,000 Equity Shares of ₹ 10 each at a premium of 10% payable as under:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 170
The calls were made by the company and all the money was duly received except the allotment and call money on 500 shares. These shares were, therefore, forfeited and later reissued @ ₹ 9 per share as fully paid-up.
Pass necessary journal entries to record the above transactions.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 171
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 172
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 173
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 174

Question 67.
Gaurav applied for 5,000 shares of ₹ 10 each at a premium of 2.50 per share. But he was allotted only 2,500 shares on pro rata basis. After having paid ₹ 3 per share on application, he did not pay allotment money of ₹ 4.50 per share (including premium) and on his subsequent failure to pay the first call of ₹ 2 per share, his shares were forfeited. These shares were reissued at the rate of ₹ 8 per share credited as fully paid.
Pass journal entries to record the forfeiture and reissue of shares.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 175
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 176

Question 68.
A Ltd issued 20,000 Equity Shares of ₹ 10 each at a premium of ₹ 5 per share, payable as ₹ 7 (including premium) on application, ₹ 5 on allotment and the balance after three months of allotment.
A shareholder to whom 200 shares were allotted failed to pay the allotment and call money and his shares were forfeited. 160 of the forfeited shares were reissued for ₹ 1,600.
Give necessary entries in company’s journal and the Balance Sheet.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 177
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 178
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 179
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 180
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 181.
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 182

Question 69.
Kamal Ltd. was formed on 1st April, 2010 with an authorised capital of ₹ 2,00,000, divided into 2,000 Equity Shares of ₹ 100 each. 1,000 shares were issued as fully paid to the vendors of building for payment of the purchase consideration. The remaining 1,000 shares were offered or public subscription at a premium of ₹ 5 per share payable as:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 183
Applications were received for 900 shares which were duly allotted and the allotment money was received in full. At the time of the first call, a shareholder who held 100 shares failed to pay the first call money and his shares were forfeited. These shares were reissued @ ₹ 60 per share, ₹ 70 per share paid-up.
Final call has not been made.
You are required to
(i) give necessary journal entries to record the above transactions and
(ii) show how share capital would appear in the Balance Sheet of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 184
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 184TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 186
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 187
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 188

Question 70.
Krishna & Co. Ltd. with an authorised capital of ₹ 2,00,000 divided into 20,000 Equity Shares of ₹ 10 each, issued the entire amount of the shares payable as:
₹ 5 on application (including premium ₹ 2 per share),
₹ 4 on allotment, and
₹ 3 on call.
All share money is received in full with the exception of the allotment money on 200 shares and the call money on 500 shares (including the 200 shares on which the allotment money has not been paid).
The above 500 shares are duly forfeited and 400 of these( including the 200 shares on which allotment money has not been paid) are reissued at ₹ 7 per share payable by the purchaser as fully paid-up. Pass journal entries(including cash transactions) and show the balances in the Balance Sheet giving effect to the above transactions.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 189
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 190
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 191
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 192
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 193
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 193
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 195

Question 71.
Midee Ltd. invited applications for issuing 27,000 shares of ₹ 100 each payable as follows:
₹ 50 per share on application;
₹ 10 per share on allotment; and
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 applications 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 application on his 200 shares. Ankur’s shares were forfeited after the First and Final call. These shares were later reissued at ₹ 105 per share as fully paid-up.
Pass necessary journal entries in the books of Midee Ltd. for the above transactions, by opening Calls-in-Arrears and Calls-in-Advance Accounts wherever necessary.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 196
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 197

Question 72.
VXN Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at a premium of ₹ 8 per share. The amount was payable as follows:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 198
The issue was fully subscribed. Gopal, a shareholder holding 200 shares, did not pay the allotment money and Madhav, a holder of 400 shares, paid his entire share money along with the allotment money. Gopal’s shares were immediately forfeited after allotment. Afterwards, the first call was made. Krishna, a holder of 100 shares failed to pay the first call money and Girdhar, a holder of 300 shares, paid the second call money also along with the first call. Krishna’s shares were forfeited immediately after the first call. Second and final call was made afterwards and was duly received. All the forfeited shares were reissued at ₹ 9 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of the company.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 199
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 200
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 201
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 202

Question 73.
Sukanya Ltd. invited applications for issuing 1,00,000 equity shares of ₹ 10 each. The shares were issued at a premium of ₹ 20 per share. The amount was payable as follows:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 203
Applications for 96,000 shares were received. Rohit, a shareholder holding 7,000 shares, failed to pay both the calls and Namit a holder of 5,000 shares, did not pay the final call.
Shares of Rohit and Namit were forfeited. Of the forfeited shares 8,000 shares including all the shares of Rohit were reissued to Reena at ₹ 8 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of Sukanya Ltd.
Solution:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 204
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 205
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 206

Question 74.
Alfa Ltd. invited applications for issuing 75,000 equity shares of ₹ 10 each. The amount was payable as follows:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 207
Applications for 1,00,000 shares were received. Shares were allotted to all the applicants on pro rata basis and excess money received with applications was transferred towards sums due on first call. Vibha who was allotted 750 shares failed to pay the first call. Her shares were immediately forfeited. Afterwards the second call was made. The amount due on second call was also received except on 1,000 shares applied by Monika. Her shares were also forfeited. All the forefited shares were reissued to Mohit for ₹9,000 as fully paid-up.
Pass necessary journal entries in the Books of Alfa Ltd. for the above transactions.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 209
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 210
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 211

Question 75.
Himalaya Company Limited issued for public subscription 1,20,000 equity shares of ₹ 10 each at a premium for ₹ 2 per share payable as under:
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Applications were received for 1,60,000 shares. Allotment was made on pro rata basis. Excess money on application were adjusted against the amount due on allotment.
Rohan to whom 4,800 shares were allotted failed to pay for the two calls. These shares were subsequently forfeited after the second call was made. All the shares forfeited were reissued to Teena as fully paid at ₹ 7 per share.
Record journal entries and show the transactions relating to share capital in the company’s Balance Sheet.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 214
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 214
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 216

Question 76.
H Limited 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 adjusted against amount due on allotment.
Ramesh, to whom 400 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay first call his shares were forfeited . Mohan, the holder of 600 shares, failed to pay 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-up for ₹ 9 per share, the whole of Ramesh’s shares being included.
Pass journal entries and prepare the Balance Sheet.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 218
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 219
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 220
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 221

Question 77.
Dogra Ltd. had an authorised capital of ₹ 1,00,00,000 divided into Equity Shares of ₹ 100 each. The company offered 84,000 shares to the public at premium. The amount was payable as follow:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 222
Applications were received for 80,000 shares.
All sums were duly received except the following:
Lakhan, a holder of 200 shares did not pay allotment and call money.
Paras, a holder of 400 shares did not pay call money.
The company, forfeited the shares of Lakhan and Paras. Subsequently the forfeited shares were reissued for ₹ 80 per share as fully paid-up. Show the entries for the above transactions in the Cash Book and journal of the company.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 224

Question 78.
Jeevan Dhara Ltd. invited applications for issuing 1,20,000 equity shares of ₹ 10 each at a premium of ₹ 2 per share. The amount was payable as follows:
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Applications for 1,50,000 shares were received. Shares were allotted to all the applicants on pro rata basis. Excess money received on applications was adjusted towards sums due on allotment. All calls were made. Manu who had applied for 3,000 shares failed to pay the amount due on allotment and first and final call Madhur who was allotted 2,400 shares failed to pay the first and final call. Shares of both Manu and Madhur were forfeited. The forfeited shares were reissued at ₹ 9 per share as fully paid-up.
Pass necessary journal entries for the above transactions in the books of Jeevan Dhara Ltd.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 227
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 228

Question 79.
JJK Ltd. invited applications for issuing 50,000 equity shares of ₹ 10 each at par. The amount was payable as follows:
On Application ₹ 2 per share,
On Allotment ₹ 4 per share; and
On First and Final call Balance Amount.
The issue was oversubscribed three times. Applications for 30% shares were rejected and money refunded. Allotment was made to the remaining applicants as follows:
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Excess money paid by the applicants who were allotted shares was adjusted towards sums due on allotment.
Deepak, a shareholder belonging to Category I , who had applied for 1,000 shares ,failed to pay the allotment money. Raju, a shareholder holding 100 shares, also failed to pay the allotment money. Raju belonged to Category II. Shares of both Deepak and Raju were forfeited immediately after allotment. Afterwards, first and final call was made and was duly received. The forfeited shares of Deepak and Raju were reissued at ₹ 11 per share fully paid-up.
Pass necessary journal entries for the above transactions in the books of company.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 232
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 233
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 234

Question 80.
Nitro Paints Ltd. invited applications for issuing 1,60,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share. The amount was payable as follows:
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Applications for 1,80,000 shares were received. Applications for 10,000 shares were rejected and pro rata allotment was made to the remaining applicants. Over payment received on application was adjusted towards sums due on allotment. All calls were made and were duly received except allotment and final call from Aditya who was allotted 3, 200 shares. His shares were forfeited. Half of the forfeited shares were reissued for ₹ 43,000 as fully paid-up.
Pass necessary journal entries for the above transactions in the books of Nitro Paints Ltd.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 237
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Question 81.
Raja Ltd. invited applications for issuing 50,000 Equity Shares of ₹ 10 each. The amount was payable as follows:
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Applications for 70,000 shares were received. Allotment was made to all applicants on pro rata basis. Excess money received on application was adjusted towards sums due on allotment. Ramesh, who had applied for 700 shares did not pay the allotment money and on his failure to pay the allotment money his shares were forfeited. Afterwards, the first and the final call was made. Adhar, who had been allotted 500 shares, did not pay the first and final call. His shares were also forfeited. Out of the forfeited shares 900 shares were reissued at ₹ 8 per share as fully paid-up. The reissued shares included all the shares of Ramesh.
Pass necessary journal entries for the above transactions in the books of the company.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 242
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 243
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 244

Question 82.
XYZ Ltd. is registered with an authorised capital of ₹ 2,00,000 divided into 2,000 shares of ₹ 100 each of which 1,000 shares were offered for public subscription at a premium of ₹ 5 per share, payable as:
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Applications were received for 1,800 shares, of which applications for 300 shares were rejected outright; the rest of the application were allotted 1,000 shares on pro rata basis. Excess application money was transferred to allotment.
All the money was duly received except from Sundar, holder of 100 shares, who failed to pay allotment and first call money. His shares were later forfeited and reissued to Shyam at ₹ 60 per share ₹ 70 paid-up. Final call has not been made.
Pass necessary Journal entries and prepare Cash Book in the books of XYZ Limited.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 247
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 248
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 249

Question 83.
Prince Limited issued a prospectus inviting applications for 20,000 equity shares of ₹ 10 each at a premium of ₹ 3 per share payable as follows:
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 250
Applications were received for 30,000 shares and allotment was made on pro rata basis. Money overpaid on application s was adjusted to the amount due on allotment.
Mr. Mohit whom 400 shares were allotted, failed to pay the allotment money and the first call and his shares were forfeited after the first call. Mr. Joly, whom 600 shares were allotted failed to pay for the two calls and hence, his shares were forfeited.
Of the shares forfeited, 800 shares were reissued to Supriya as fully paid for ₹ 9 per share, the whole of Mr Mohit’s shares being included.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 252
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 256

Question 84.
XYZ Ltd. invited applications for issuing 50,000 Equity Shares of ₹10 each. The amount was payable as:
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Applications were received for 75,000 shares and pro rata allotment was made as:
Applicants for 40,000 shares were allotted 30,000 shares on pro rata basis.
Applicants for 35,000 shares were allotted 30,000 shares on pro rata basis.
Ramu, to whom 1,200 shares were allotted out of the group applying for 40,000 shares, failed to pay the allotment money. His shares were forfeited immediately after allotment.
Shamu, who had applied for 700 shares out of the group applying for 35,000 shares, failed to pay the first and final call. His shares were also forfeited. Out of the forfeited shares, 1,000 shares were reissued @ Applicants for 40,000 shares were allotted 30,000 shares on pro rata basis. 8 per share as fully paid-up. The reissued shares included all the forfeited shares of Shamu.
Pass necessary Journal entries to record the above transactions.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 259
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 260
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Question 85.
A company issued for public subscription 40,000 Equity Shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
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Applications were received for 60,000 shares. Allotment was made on pro rata basis to the applicants for 48,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sums due on allotment. Ram to whom 1,600 shares were allotted failed to pay the allotment money and Shyam to whom 2,000 shares were allotted failed to pay the two calls. These shares were subsequently forfeited after the second and final call was made. All the forfeited shares were reissued as fully paid-up @ ₹ 8 per share.
Give necessary Journal entries for the above transactions.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 265
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Question 86.
X Ltd. issued a prospectus inviting applications for 50,000 Equity Shares of ₹ 10 each, payable ₹ 5 as per application (including ₹ 2 as premium), ₹ 4 as per allotment and the balance towards first and final call.
Applications were received for 65,000 shares. Application money received on 5,000 shares was refunded with letter of regret and allotments were made on pro rata basis to the applicants of 60,000 shares. Money overpaid on applications including premium was adjusted on account of sums due on allotment.
Mr Sharma to whom 700 shares were allotted failed to pay the allotment money and his shares were forfeited by the Directors on his subsequently failure to pay the call money.
All the forfeited shares were subsequently sold to Mr.Jain credited as fully paid-up for ₹ 9 per share.
You are required to set out the journal entries and the relevant entries in the Cash Book.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 271
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Question 87.
Super Star Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as:
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Applications were received for 3,000 shares and pro rata allotment was made on the applications for 2,400 shares. It was decided to utilise excess application money towards the amount due on allotment.
Ramesh, to whom 40 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call, his shares were forfeited.
Rajesh, who applied for 72 shares failed to pay the two calls and on such failure, his shares were forfeited.
Of the shares forfeited, 80 shares were sold to Krishan credited as fully paid-up for ₹ 9 per share, the whole of Ramesh’s shares being included.
Give journal entries to record the above transactions (including cash transactions).
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 277
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 281
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 282

Question 88.
Bharat Ltd. invited applications for issuing 2,00,000 Equity Shares of ₹ 10 each. The amount was payable as:
On application ₹ 3 per share, on allotment ₹ 5 per share and on first and final call ₹ 2 per share. Applications for 3,00,000 shares were received and pro rata allotment was made to all the applicants on the following basis:
Applicants for 2,00,000 shares were allotted 1,50,000 shares on pro rata basis.
Applicants for 1,00,000 shares were allotted 50,000 shares on pro rata basis.
Bajaj, who was allotted 3,000 shares out of group applying for 2,00,000 shares failed to pay the allotment money. His shares were forfeited immediately after allotment. Sharma, who had applied for 2,000 shares out of the group applying for 1,00,000 shares failed to pay the first and final call. His shares were also forfeited.
Out of the forfeited shares 3,500 shares were reissued as fully paid-up @ ₹ 8 per share. The reissued shares included all the forfeited shares of Bajaj.
Give necessary journal entries to record the above transactions.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 284
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 285
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 286
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 287

Question 89.
Amrit Ltd. issued 50,000 shares of ₹ 10 each at a premium of ₹ 2 per share payable as ₹ 3 on application, ₹ 4 on allotment (including premium), ₹ 2 on first call and the remaining on second call.
Applications were received for 75,000 shares and pro rata allotment was made to all the applicants.
All moneys due were received except allotment and first call from Sonu who applied for 1,200 shares. All his shares were forfeited. The forfeited shares were reissued for ₹ 9,600. Final call was not made. Pass necessary Journal entries.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 289
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 290

Question 90.
The Directors of Super Star Ltd. invited applications for 2,00,000 Equity Shares of ₹ 10 each to be issued at 20% premium. The money payable per shares was: on application ₹ 5 , O allotment ₹ 4 (including premium of ₹ 2), first call ₹ 2 and final call ₹ 1.
Applications were received for 2,40,000 shares and allotment was made as:
(i) to applicants for 1,00,000 shares in – full,
(ii) to applicants for 80,000 shares – 60,000 shares,
(iii) to applicants for 60,000 shares – 40,000 shares.
Applicants of 1,000 shares falling in Category
(i) and applicants of 1,200 shares falling in Category
(ii) failed to pay allotment money. These shares were forfeited on failure to pay first call. Holders of 1,200 shares falling in Category
(iii) failed to pay the first and final call and these shares were forfeited after final call.
1,300 shares [1,000 of Category(i) and 300 of Category (ii)] were reissued at ₹ 8 per share as fully paid-up.
Journalise the above transactions. Prepare Cash book and Balance Sheet.
Solution:
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 292
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TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 298
TS Grewal Accountancy Class 12 Solutions Chapter 8 Accounting for Share Capital image - 299

Question 91.
XYZ Ltd. issued a prospectus inviting applications for 2,000 shares of ₹ 10 each at a premium of ₹ 4 per share payable as:
On application – ₹ 6 (including ₹ 1 premium)
On allotment – ₹ 2 (including ₹ 1 premium)
On first call – ₹ 3 (including ₹ 1 premium)
On second and final call – ₹ 3 (including ₹ 1 premium)
Applications were received for 3,000 shares and pro rata allotment was made on the applications for 2,400 shares. It was decided to utilise excess application money towards the amount due on allotment.
X, to whom 40 shares were allotted, failed to pay the allotment money and on his subsequent failure to pay the first call his shares were forfeited.
Y, who applied for 72 shares failed to pay the two calls and on his such failure his shares were forfeited.
Of the shares forfeited 80 shares were sold to Z credited as fully paid-up for ₹ 9 per share the whole of Y’s shares being included. Prepare Journal, Cash Book and the Balance Sheet.
Solution:
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