What will be the minimum reissue price if a share of the nominal value of ₹10 issued at a premium of ₹2 per share payable along with the final call of ₹3 on which ₹7 paid-up against ₹12 called up is forfeited and reissued?
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹3.
Nominal value of ₹10 issued at a premium of ₹2 per share.
Final call of ₹3 + ₹2 premium is not received.
₹7 paid up
Amount not received will become the minimum reissue price i.e. ₹3.