Question

(Shares Issued to Promoters) A company has authorised capital of
75,00,000 divided into shares of 10 each.
issued to promoters as fully paid up in lieu of their services and 1,000 shares were issued to
promoter for the formation expenses of the company. Company acquired assets worth 47,500
from Gupta & Co. It issued shares at 5% discount to Gupta & Co.
It issued 15,000 shares to the public, payable fully on application. 3,000 shares were
Public issue was fully subscribed for and duly paid. Pass Journal entries.​

Answer 1

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