Practice question

Question

Mithas Limited was formed with share capital of ₹ 50,00,000 divided into 50,000 shares of ₹ 100 each. 9,000 shares were issued to the vendor as fully paid for purchase consideration of a furniture acquired. 30,000 shares were allotted in payment of cash on which ₹ 70 per share was called and paid. State the amount of subscribed capital.