Question

ALtd. issued equity sharese₹10 each fully paid on 10% discount to purchasea machine of₹1,80,000.
Calculate the number of issued shares.​

Answer 1

Explanation:

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Money received in Share application account - 4,50,000 (1,50,000 X 3)

Less: Money for share allotment - 3,00,000 (100000 X 3)

Less: money for shares rejected - 60,000 (20000 X 3)

__________

Excess money available 90,000

The amount of excess application money available for adjustment against allotment is Rs.90,000.