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Question
A company forfeits 1,000 shares of ₹ 10 each. It had received ₹ 6,000 on these shares.What is the maximum discount that can be allowed on reissue of 400 shares?
Options
₹ 4,000
₹ 400
₹ 1,600
₹ 2,400
MCQ
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Solution
₹ 2,400
Explanation:
Amount received on 1,000 shares = ₹ 6,000, so amount forfeited per share is:
₹ 6,000 ÷ 1,000 = ₹ 6
Maximum discount on reissue of 400 shares:
400 × ₹ 6 = ₹ 2,400
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