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CBSE Class 12-commerce Answered

A Ltd. Forfeited a share of rupee 100 issued at a premium of 20% for non payment of first call of rupee 30 pet shares and final call of rupee 10 per share. State the minimum price at which this  share can be reissued. 
Asked by Ankitluckypandey | 20 Jun, 2019, 09:54: PM
answered-by-expert Expert Answer
Maximum Permissible Discount: At the time of reissue of the forfeited shares, care has to be taken with respect to the maximum permissible discount on the shares reissued. The maximum permissible discount that can be allowed on reissue of forfeited shares is the amount forfeited, i.e., the amount credited to the forfeited shares. In simple terms, the reissue price cannot be less than the amount unpaid on the forfeited shares.
 
In the given question, it is clearly mentioned that the first call of Rs.30 and final call of Rs.10 is unpaid and therefore, the reissue price cannot be less than the total unpaid amount of Rs.40. Therefore, the minimum price at which the forfeited shares can be reissued is Rs.40.
Answered by Surabhi Gawade | 21 Jun, 2019, 09:47: AM

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