Paid-up equity shares capital of Novel Ltd. is ₹50,00,000 having face value of ₹10 each fully paid-up. Other details: General Reserve = ₹15,00,000 Capital Redemption Reserve = ₹4,00,000 Profit & Loss Account = ₹1,00,
CS Executive · Corporate and Management Accounting · PYQS · June 2021
Paid-up equity shares capital of Novel Ltd. is ₹50,00,000 having face value of ₹10 each fully paid-up. Other details: General Reserve = ₹15,00,000 Capital Redemption Reserve = ₹4,00,000 Profit & Loss Account = ₹1,00,000 Statutory Reserve = ₹6,40,000 Securities Premium = ₹1,00,000 The board of directors passed resolution in board meeting to buy back maximum number of shares as allowed by law. What is the maximum no. of shares that can be bought back ?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Corporate Accounting
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