The profit on cancellation of debentures should be transferred to:

CS Executive · Corporate and Management Accounting · PYQS · December 2019
The profit on cancellation of debentures should be transferred to:
(A) Securities Premium A/c
(B) Statement of profit and Loss
(C) General Reserve A/c
(D) Capital Reserve A/c

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Company Accounts

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