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    Question

    Which of the following statement is

    incorrect?
    A Pre-incorporation profits is treated as a part of business acquisition cost ( Goodwill) Correct Answer Incorrect Answer
    B Pre-incorporation profits can be used for writing off preliminary expenses Correct Answer Incorrect Answer
    C Pre-incorporation profits can be used for paying up partly paid shares Correct Answer Incorrect Answer
    D Pre-incorporation profits is transferred to capital reserve account Correct Answer Incorrect Answer

    Solution

    The correct answer is A

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