[CBSE] Q. 50 Solution of Accounting for Share Capital TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 50 of the Accounting for Share Capital chapter of TS Grewal Book 2023-24 Edition CBSE Board?

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 originaly 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 (exluding premium) of ₹ 5 was received.

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

Solution:-

i) Maximum permissible discount is equal to the amount received before reissue. In this case, ₹ 5 has already been received out of ₹ 10. Thus, this share can be reissued at a minimum of ₹ 5 with a ₹ 5 discount per share.

ii) Maximum permissible discount is equal to the amount received before reissue. In this case, ₹ 4 has already been received out of ₹ 10. Thus, such a share can be reissued at a minimum of ₹ 6 with a maximum ₹ 4 discount per share.

iii) Maximum permissible discount is equal to the amount received before reissue. in this case, ₹ 5 has already been received out of ₹ 10. Thus, such a share can be reissued at a minimum of ₹ 5 with a maximum ₹ 5 discount per share.

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