Q # 6 The following transactions were completed by Al-Mustafa Company Limited:

i) Offered 100,000 ordinary shares of Rs.10 each of Rs.12 per share to the public payable in full on application. The Company received applications for 120,000 shares. The Company allotted the shares offered and refunded excess amount received.

ii) The Company offered to the public 40,000 ordinary shares of Rs.10 each payable in full on application. The entire issue was under-written. The Company received applications for 30,000 shares. These shares were allotted to the public and as per agreement underwriters subscribed the balance of shares.

iii) The Company purchased a piece of land and in consideration issued 45,000 ordinary shares of Rs.10 each to the vendors. The value of land was determined to be Rs.500, 000.

iv) The Company allotted 10,000 ordinary shares to promoters for service rendered.