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CBSE Class 12-commerce Answered

z ltd. forfeited 1000 equity shares of rs. 10 each for the non-payment of first call of rs. 2 per share. The final call of rs. 3 per share was yet to be made. Calculate the maximum amount of discount at which these shares can be re-issued.  
Asked by jashansekhon2501 | 16 Feb, 2019, 05:58: PM
answered-by-expert Expert Answer
When the shares forfieted are reissued at discount, the amount of discount allowed cannot exceed the amount that has been received on forfeited shares at the time of their initial issue. In the given case the amount paid on 1000 shares is Rs. 5 (i.e., 10 - 2 - 3). Therefore, the maximum amount of discount that can be allowed on reissue of forfeited shares is Rs. 5.
Answered by Surabhi Gawade | 17 Feb, 2019, 07:20: PM

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