58 :- 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 Rs 10 originally issued at par on which application and allotment money of Rs 5 was received.
(ii) A share of Rs 10 originally issued at a premium of Rs 1 on which application and allotment money (including premium) of Rs 5 was received.
(iii) A share of Rs 10 originally issued at a premium of Rs 1 on which application and allotment money (including premium) of Rs 5 was received.
59 :- Star Ltd. Issued 10,000 shares of Rs 10 each payable as Rs 4 on application, Rs 3 on allotment, Rs 2 on first call and balance on second and final call.
500 shares were forfeited. Calculate the ‘Maximum Permissible Discount’ and ‘Minimum Reissue Price’ on reissue in each of the following cases, if the reissued shares are fully paid-up:
Case 1 : If shares were forfeited for non-payment of Second and Final Call.
Case 2 : If shares were forfeited for non-payment of First Call and Second and Final Call.
Case 3 : If shares were forfeited for non-payment of Allotment, First Call and Second and Final Call.
Case 4 : If shares were forfeited for non-payment of Allotment and First Call. Second and Final Call is not yet made.
60 :- Computer Mart Ltd. Forfeited 1,000 Equity shares of Rs 50 each issued at 10% premium on which allotment money of Rs 15 per equity share (including premium) and first call of Rs 15 per share were not received, the second and final call of Rs 10 per equity share was not yet called.
Calculate ‘Discount Allowed or Premium Received’ and ‘Amount transferred to Capital Reserve’ on reissue of shares as fully paid-up in each of the following cases :
Case 1 : If these shares were reissued as Rs 40 paid up for Rs 45 per share.
Case 2 : If these shares were reissued as Rs 40 paid-up for Rs 40 per share.
Case 3 : If these shares were reissued as Rs 40 paid-up for Rs 35 per share.
Case 4 : If these shares were reissued as Rs 40 paid-up for Rs 25 per share.
Case 5 : If these shares were reissued at Rs 35 per share as fully paid-up.
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61 :- Dell Ltd. Forfeited 2,000 Equity Shares of Rs 50 each issued at 10% premium on which allotment money of Rs 15 equity share (including premium) and first call of Rs 15 per share were not received, the second and final call of Rs 10 per equity share was not yet called.
Calculate ‘Discount Allowed or Premium Received’ and ‘Amount transferred to Capital Reserve’ on reissue of shares as fully paid-up in each of the following cases :
Case 1 : If 200 of these shares were reissued as Rs 40 paid-up for Rs 45 per share.
Case 2 : If 200 of these shares were reissued as Rs 40 paid-up for Rs 40 per share.
Case 3 : If 200 of these shares were reissued as Rs 40 paid-up for Rs 35 per share.
Case 4 : If 200 of these shares were reissued as Rs 40 paid-up for Rs 25 per share.
Case 5 : If 200 of these shares were reissued as Rs 35 per share as fully paid-up.