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Pass the necessary journal entries and show balance sheet

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Z Ltd; with an authorized capital of Rs.5,00,000 divided into 5,000 Equity shares of Rs.100 each.The company issued 4000 shares of Rs. 100 each at a discount of 5 per cent. The company received applications for 3,000 shares. All applicants paid their money due. During the year the company made a capital profit of Rs. 20,000. It was decided to writer off the discount of Rs. 10,000 out of this profit.

Problem 1: Pass the necessary journal entries and show the Balance sheet.

Reference no: EM132792915

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