Question

(i) Assertion : When a shareholder default in making payment of allotment/call money share may be forfeited. 

(ii) Reason : Share forfeited can be reissued at par, discount or premium. 

(a) (i) and (ii) are correct 

(b) (i) is correct (ii) is incorrect 

(c) (i) and (iii) are incorrect 

(d) (i) is incorrect (ii) is correct

Answer 1

(a) (i) and (ii) are correct