Jain Ltd. purchased machinery costing Rs. 10,00,000 from Ayer Ltd. 50% of the payment was made by cheque and for the remaining 50%, the company issued

Monjur Alahi

Jain Ltd. purchased machinery costing Rs. 10,00,000 from Ayer Ltd. 50% of the payment was made by cheque and for the remaining 50%, the company issued Equity Shares of Rs. 100 each at a premium of 25%.
Pass necessary Journal entries in the books of Jain Ltd. for the above transactions.


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Correct Answer - 4,000 Equity Shares to be issued.

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