Company Account -FORFEITURE & REISSUE OF SHARES (Q.9.)
Channel: vikash chakraborty
Date: 2017-02-10

Question: 9. SSS Ltd. forfeited 1,000 Equity Shares of Rs.100 each for the non-payment of first call Rs.20 per share and second and final call of Rs.25 per share. State:
(i) Can these shares be reissued?
(ii) If yes, state the minimum amount at which these shares can be reissued.
(iii) If these shares were reissued at Rs.50 per share fully paid-up, what will be the amount of Capital Reserve?
[C.B.S.E. 2010]