Q552
Read the following Assertion (A): ''Share premium cannot be utilised for any purpose other than mentioned in Sec. 78 of the Companies Act." Reason (R): "Share premium is a capital receipt." Select the correct answer:
A.
Both A and R are True and R is the correct explanation of A
B.
Both A and R are true but R is not a correct explanation of A
AnswerC.
A is true but R is false
D.
A is false but R is true
Answer: Option B
Solution
Answer: Option B
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