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Compute how transaction will appear in financial statements

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Reference no: EM132566337

Question 1: Mercury Ltd. issues Rs. 10 shares at a premium of Rs. 90. Totally 1 million shares were issued and subscribed fully. Entire amount is collected. How this transaction will appear in the financial statements?

Option 1: Rs. 10 million as share capital in Balance Sheet and Rs. 90 million as income in Income Statement

Option 2: Rs. 10 million as share capital in Balance Sheet and Rs. 90 million as Reserves and Surplus in Balance Sheet

Option 3: Rs. 100 million as share capital in Balance Sheet

Option 4: Rs. 10 million as share capital in Balance Sheet, Rs. 80 million as Reserves and Surplus in Balance Sheet, and Rs. 10 million as income in Income Statement

Reference no: EM132566337

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