Raghav Ltd. forfeited 100 shares of rupee 10 each issued at a premium of 20% for non-payment of first call of rupee 3 per share and final call of rupee 1 per share. The minimum price per share at which these shares can be reissued will be:
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- rupee 4
- rupee 6
- rupee 8
- rupee 10
The Correct Option is A
Solution and Explanation
1. Face value of each share = rupee 10 2. Premium on issue = rupee 2 3. Total amount due per share (Face Value + Premium) \[ = rupee 10 + rupee 2 = rupee 12 \] 4. Total unpaid amount per share \[ = rupee 3 { (First Call)} + rupee 1 { (Final Call)} = rupee 4 \] 5. Forfeited amount per share \[ = {Total Due} - {Unpaid Amount} = rupee 12 - rupee 4 = rupee 8 \] 6. Minimum reissue price per share
- The minimum price at which forfeited shares can be reissued must be at least equal to the forfeited amount per share.
- The maximum discount allowed on reissue is the forfeited amount of rupee8.
- The minimum price per share: \[ = {Face Value} - {Maximum Discount} = rupee 10 - rupee 6 = rupee 4 \] Thus, the minimum price per share at which these shares can be reissued is rupee4 (Option A).
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