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ISSUE OF SHARES- Maximum Permissible Discount & Minimum Reissue Price At the Time of Reissue Class 12th Accounts Part-13 Session 2024-25


Maximum Permissible Discount and Minimum Reissue Price at the time of Reissue

55. Determine the maximum permissible discount and minimum reissue price that a company can allow at

the time of reissue of forfeited shares in the following cases:

(i) A share of 10 originally issued at par on which application and allotment money of 5 was received.

(ii) A share of 10 originally issued at a premium of 1 on which application and allotment money (including premium) of 5 was received.

(iii) A share of 10 originally issued at a premium of 1 on which application and allotment money (excluding premium) of 5 was received.

[Ans.: Maximum Permissible Discount: (i) Minimum Reissue Price: (i) 5 per share; (ii) 5 per share; (ii) 4 per share; (iii) 6 per share; (iii) 5 per share.


56. Star Ltd. issued 10,000 shares of 10 each, payable as 4 on application, 3 on allotment, 2 on first call and balance on second and final call.

500 shares were forfeited. Calculate the 'Maximum Permissible Discount' and 'Minimum Reissue Price' on reissue in each of the following cases, if the reissued shares are fully paid-up:

Case 1. If shares were forfeited for non-payment of Second and Final Call.

Case 2. If shares were forfeited for non-payment of First Call and Second and Final Call.

Case 3. If shares were forfeited for non-payment of Allotment, First Call and Second and Final Call.

Case 4. If shares were forfeited for non-payment of Allotment and First Call. Second and Final Call is not yet made.

[Ans.: Case 1: Maximum Permissible Discount-9 and Minimum Reissue Price 1;

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