If reissue of shares are more than face value of shares, the excess amount is transferred to
a) General reserve
b) Capital reserve
c) Securities Premium Reserve account
d) None of these
Answer: (c) If reissue of shares are more than face value of shares, the excess amount is transferred to the Securities Premium Reserve account.
More MCQ and Answers on Auditing
- Which among the following is not a right of company auditors.
- Test checking is done when there is an effective system of _________
- Test checking means
- Audit working papers are
- Current audit file consists of
- ____ begins where accounting ends.
- ________audit is compulsory for joint stock companies.
- Treating revenue expenditure as capital expenditure is an example of error of
- Financial statements are prepared by
- Preliminary expanses not written off are treated as