Question

    Which of the following accounting entries is correct for

    buyback of shares using free reserves?
    A Dr. Profit & Loss A/c, Cr. Share Capital Correct Answer Incorrect Answer
    B Dr. Securities Premium, Cr. Share Application Correct Answer Incorrect Answer
    C Dr. Equity Share Capital, Cr. Bank Correct Answer Incorrect Answer
    D Dr. Equity Share Capital; Dr. Free Reserves; Cr. Bank Correct Answer Incorrect Answer

    Solution

    The correct answer is D

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