Chapter - 07 (Question - 33 Accounting for shares : issue and forfeiture)

 

Question - 33

Z Ltd. purchased a machinery from Neeraj Traders worth Rs. 39,600 and payment made by shares of Rs. 10 each.

Make journal entries in the following condistions :

1. When shares are issued at 10% premium.
2. When shares are issued at 10% discount.

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