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 reissued.
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The maximum amount of discount is the amount received on forfeited shares
hence total amount of forfeiture = 7
7×1000=7000 which is the maximum amount of discount.
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