Jindal Ltd. purchased a machine from Auto Ltd. for ₹ 38,00,000. As per purchase agreement ₹ 8,00,000 was paid in cash and balance by issuing of shares of ₹ 100 each at 20% premium. Calculate the number of shares issued.
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → 25,000
Amount to be paid by shares = ₹38,00,000 − ₹8,00,000 = ₹30,00,000
Issue price per share = ₹100 + 20% premium = ₹120
Number of shares = ₹30,00,000 ÷ ₹120 = 25,000
NCERT (2026-27 edition):
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