V ltd forfeited 20000 equity shares of Rs 100 each for non-payment of Rs 30 per share. What is the maximum amount of discount at which shares can be reissued?
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Solution. Amount standing in the Share forfeiture A/c is ₹ 12,00,000; 20,000 equity shares at ₹ 60 (₹ 100 - ₹ 40) which is the maximum permissible discount on re-issue of the forfeited equity shares. So, the maximum amount of discount at which these shares can be re-issued will be ₹ 12,00,000.
Explanation:
answer is 1200000
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