A share of ₹100 was originally issued at par on which application and allotment money of ₹60 was received. What will be the maximum permissible discount at the time of the reissue of this forfeited share?
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹60.
The received amount will become the maximum permissible discount on the reissue of forfeited shares so here the received amount is ₹60. So, maximum discount on reissue of forfeited of share is ₹60.