12th Class
Accountancy
Accounting For Share Capital
Question Bank
MCQs - Accounting for Share Capital
question_answer
King Ltd. took over the assets of Rs.14,00,000 and liabilities of Rs.4,00,000 from Queen Ltd. for a purchase consideration of Rs.9,19,000. King Ltd. issued a promissory note of Rs.17,000 payable after 60 days in favour of Queen Ltd. and the balance amount was paid by issue of Equity Shares of Rs.100 each at a premium of Rs.25 per share. Number of Shares to be issued: