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Banana Ltd. forfeited 20,000 equity shares of Rs.100/- each for non-payment of first and final call of Rs.40/- per share. The maximum amount of discount at which these share can be re-issued will be:

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Rs.20,00,000/-

Rs.8,00,000/-

Rs.12,00,000/-

Rs.20,000/-

answer is B.

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Detailed Solution

Amount forfeited at the time of forfeiture of shares

= 20,000 X 60

= 12,00,000 (Maximum amount of discount to be allowed)

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