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Q.

XYZ Limited issued 10,000 equity share Rs.10 each at 10% premium. All shares were subscribed and amount was received. Identity the amount to be transferred to securities premium reserve a/c.

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a

Rs.1,00,000/-

b

Rs.9,000/-

c

Rs.10,000/-

d

Rs.1,000/-

answer is A.

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Detailed Solution

Total value of shares = 10,000 × 10 = 1,00,000

Premium  = 10% of 1,00,000 = 10,000

Thus 10,000 will be transferred to the securities premium account

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