Kewal Ltd. purchased sundry assets from Ganpati Ltd. for rupee 28,60,000. The amount was paid by issuing fully paid shares of rupee 100 each issued at a premium of 10%. 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 amount paid to Ganpati Ltd. is rupee 28,60,000, and the face value of each share is rupee 100.
The issue price per share = rupee 100 + 10\% of rupee 100 = rupee 110. \[ \text{Number of shares issued} = \frac{\text{Total Amount}}{\text{Issue Price per Share}} = \frac{rupee 28,60,000}{rupee 110} = 26,000 \text{ shares}. \]
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