Read the following information and answer the question.

Company XYZ Ltd.
TOTAL FUND USED = 50 LAKHS

Calculate No of shares issued in situation II.

3,50,000

The correct answer is option 2- 3,50,000.

In this situation total fund is 50 lakhs in which 15 lakhs is debt so share capital is 35 lakhs.
Face value per share = ₹10

No of shares = 35 lakhs/10
                   = 3,50,000