Q 1: (A) Under what conditions a Company can issue Shares at Discount, Premium and what is the accounting treatment for Discount on Shares and Premium on Shares? (B) A Ltd. is registered with Authorized Capital of $500,000 divided into 10,000 Shares of $ 50 each. On 1st December 2019, Company issued 7,000 Shares as per following manner: i. 1,000 Shares to Promoters against Preliminary Expenses ii. 2,000 Shares to Directors for cash iii. 4,000 Shares to General Public On 15th December 2019, Company received applications for 6,000 Shares. Shares were not allotted to applicants of 2,000 Shares and their application was refunded