Kewal Ltd. purchased sundry assets from Ganpati Ltd. for Rs.28,60,000. The amount was paid by issuing fully paid shares of Rs.100 each issued at a premium of 10%.
The number of shares issued to Ganpati Ltd. were:
The number of shares issued to Ganpati Ltd. were:
Show Hint
- 28,000
- 31,778
- 28,600
- 26,000
The Correct Option is D
Solution and Explanation
The total asset acquisition cost amounts to Rs. 28,60,000. To ascertain the number of shares issued, divide the total asset value by the issue price per share:
\[ {Number of Shares} = \frac{ {Total Amount}}{ {Issue Price}} = \frac{Rs.28,60,000}{Rs.110}. \] Step 2: Execute the division.
\[ {Number of Shares} = \frac{Rs.28,60,000}{Rs.110} = 26,000 { shares}. \] Outcome:
Ganpati Ltd. was issued \( 26,000 \) shares.
Top Questions on Shares
- 600 shares of ₹10 each were issued at 20% premium. Final call of ₹3 not received on 100 shares. What is the forfeiture amount?
Alexia Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at premium of ₹ 10 per share.
The amount was payable as follows:- On application ₹ 9 per share (Including premium ₹ 6 per share)
- On allotment ₹ 8 per share (Including premium ₹ 4 per share)
- On first and final call ₹ 3 per share.
Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows:
Category A: Applicants for 90,000 shares were allotted 70,000 shares.
Category B: Applicants for 60,000 shares were allotted 30,000 shares.
Excess money received on application was adjusted towards allotment and first and final call.
Shekhar, who had applied for 1200 shares failed to pay the first and final call. Shekhar belonged to category B.
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- Read the passage given below and answer the questions: Q5 to Q9.
Ram Motors Ltd. invited applications on 3,000 Equity Shares of ₹100 each at a premium of ₹20. For application ₹50 (including premium), on allotment ₹50, and on final call ₹20. Total applications received were 4,000 and allotted on pro-rata basis. Excess application money adjusted towards allotment. - Want to practice more? Try solving extra ecology questions todayView All Questions
