CA CPT Jun 2017 Question Paper Fundamentals of Accounting for online practice

X and Y entered into a joint venture to underwrite the shares of K Ltd. at acommission of 5%. K Ltd. made an issue of 1,00,000 equity shares of Rs.10 each. 90%of the issue is subscribed by the public. The profit sharing between x and Y is 2:3. Thebalance unsubscribed shares are purchased by X and Y in profit sharing ratio. Howshares are purchased by Y ?