What to utilised 1st for redemption of Preference shares?
Genral Reserve OR profit and loss a/c in balance sheet
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There is no such restrictions between the two.
Redemption of preference shares can be done out of any free reserves( available for distribution and unutilised in the B/S). Both G/R & P&L(Cr. balance) are free reserves. If redemption premium is talked about, then first Securities Premium is to be utilised (if any in B/S)
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