Q929
Which one of the following statements is not correct?
A.
Forfeited shares can be reissued
B.
A notice of 14 days to shareholders is necessary before forfeiture of shares
C.
Premium on issue of shares can be used for writing off the preliminary expenses
D.
The profit on re-issue of forfeited shares is transferred to General Reserve Account
AnswerAnswer: Option D
Solution
Answer: Option D
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