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      Question

      X Ltd. forfeits shares for non-payment of final call.

      These are reissued at a discount. Where is the discount adjusted?
      A General Reserve Correct Answer Incorrect Answer
      B Share Capital Correct Answer Incorrect Answer
      C Securities Premium Correct Answer Incorrect Answer
      D Forfeited Shares A/c Correct Answer Incorrect Answer

      Solution

      Discount on reissue is adjusted against Forfeited Shares A/c, not General Reserve.

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