10,000 equity shares of Rs. 20 each are issued for public subscription at a premium of 5%.the amount is payable on the application.the application was received for 20,000 shares and it was decided to reject application for shares in excess of shares issued.the amount refunded is
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Rs. 20,000
In this case, nominal value of shares issued becomes Rs. 1,00,000 but selling price is Rs 1,20,000 (Rs 2 is premium). Therefore, share account will have Rs 1,00,000 and Rs 20,000 will go to the securities premium account.
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