(i) The company issued 10,000 shares to its promoters as the remuneration of the services rendered by them at par. |
(ii) Company also issued shares at 10% premium to Mr. Rajesh for the purchase of assets of Rs. 3,30,000 from him. |
Answer:
JOURNAL
Number of shares issued \[=\frac{3,30,000}{10+1}=30,000\] Shares Date Particulars LF Amt (Dr) Amt (Cr) (i) Incorporation Expense A/c \[\left( 10,000\times 10 \right)\] Dr 1,00,000 To Equity Share Capital A/c 1,00,000 (Being shares issued to promoters) (ii) Sundry Assets A/c Dr 3,30,000 To Mr. Rajesh 3,30,000 (Being assets purchased from Mr. Rajesh) Mr. Rajesh \[\left( 30,000\times 11 \right)\] Dr 3,30,000 To Share Capital A/c 3,00,000 To Securities Premium Reserve A/c 30,000 (Being shares issued to Mr. Rajesh)
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