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X was issued 100 shares of Rs. 10 each at a premium of Rs. 1. He paid application money and allotment money which in total amounted to Rs. 6 (including premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time of reissue of shares. A- Rs. 6 per share B- Rs. 5 per share C- Rs. 4 per share D- Rs. 3 per share?
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X was issued 100 shares of Rs. 10 each at a premium of Rs. 1. He paid ...
Calculation of Maximum Discount on Reissue of Shares

Given:
- X was issued 100 shares of Rs. 10 each at a premium of Rs. 1.
- X paid application money and allotment money which in total amounted to Rs. 6 (including premium).
- X failed to pay the balance call money of Rs. 5.

To calculate the maximum discount that can be given at the time of reissue of shares, we need to calculate the amount of loss suffered by the company due to X's default.

Loss suffered by the company:
- X paid Rs. 6 per share (including premium) for 100 shares = Rs. 600
- X failed to pay the balance call money of Rs. 5 per share for 100 shares = Rs. 500
- Total amount received by the company = Rs. 600
- Total amount payable by the company to X on reissue of shares = Rs. 500
- Loss suffered by the company = Rs. 100

Maximum Discount:
- Maximum discount = Loss suffered by the company / Number of shares issued = Rs. 100 / 100 shares = Rs. 1 per share

Therefore, the maximum discount that can be given at the time of reissue of shares is Rs. 1 per share.

Answer: A- Rs. 6 per share.
Community Answer
X was issued 100 shares of Rs. 10 each at a premium of Rs. 1. He paid ...
B option is correct.
Because the maximum amount of discount that can be given at the time of reissue of shares is equal to the amount forfeited .
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X was issued 100 shares of Rs. 10 each at a premium of Rs. 1. He paid application money and allotment money which in total amounted to Rs. 6 (including premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time of reissue of shares. A- Rs. 6 per share B- Rs. 5 per share C- Rs. 4 per share D- Rs. 3 per share?
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X was issued 100 shares of Rs. 10 each at a premium of Rs. 1. He paid application money and allotment money which in total amounted to Rs. 6 (including premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time of reissue of shares. A- Rs. 6 per share B- Rs. 5 per share C- Rs. 4 per share D- Rs. 3 per share? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about X was issued 100 shares of Rs. 10 each at a premium of Rs. 1. He paid application money and allotment money which in total amounted to Rs. 6 (including premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time of reissue of shares. A- Rs. 6 per share B- Rs. 5 per share C- Rs. 4 per share D- Rs. 3 per share? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X was issued 100 shares of Rs. 10 each at a premium of Rs. 1. He paid application money and allotment money which in total amounted to Rs. 6 (including premium) and failed to pay the balance call money of Rs. 5. Find the maximum discount that can be given at the time of reissue of shares. A- Rs. 6 per share B- Rs. 5 per share C- Rs. 4 per share D- Rs. 3 per share?.
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