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Question
Y. Ltd forfeited 1,00 equity shares of Rs 10 each for the non-payment of the first call of Rs 2 per share. The final call of Rs2 per share was yet to be made.
Calculate the maximum amount of discount at which these shares can be reissued.
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Solution
The maximum discount at which these shares can be re-issued is the credit balance in the Share Forfeiture A/c i.e. Rs 600
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