B Ltd purchased Machinery from X Ltd for ₹ 4,50,000. B Ltd immediately paid ₹ 90,000 by Bank Draft and the balance by the issue of preference shares of ₹ 100 each at a 20% premium for the purchase consideration of Machinery to X Ltd. How many preference shares are issued by B Ltd?

3000

Machinery= ₹450000
Paid by bank overdraft=  ₹90000
Balance= 450000 - 90000 =  ₹360000 which is paid by issuing shares of  ₹100 each at 20% premium means  ₹120
Shares issued= 360000/ 120= 3000