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Find how transaction will appear in the financial statements

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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?

A. Rs. 10 million as share capital in Balance Sheet and Rs. 90 million as income in Income Statement

B. Rs. 10 million as share capital in Balance Sheet and Rs. 90 million as Reserves and Surplus in Balance Sheet

C. Rs. 100 million as share capital in Balance Sheet

D. 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: EM132584086

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