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Determine the maximum permissible discou...

Determine the maximum permissible discount which a company can allow at the time of reissue of forfeited shares in the following cases :
(i) A share of Rs. 100 originally issued at par on which appllication and allotment money of Rs. 60 has been received.
(ii) A share of Rs. 100 originally issued at a permium of Rs. 20 on which application and allotment money (including premium) of Rs. 60 has been received.
(iii) A share of Rs. 100 originally issued at a premium of Rs 20 on which application and allotment money (excluding premium) of Rs. 60 has been received.

Text Solution

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Maximum permissible discount in Case (i) Rs. 60, Case (ii) Rs. 40 and Case (iii) Rs. 60.
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