The directors of a company are considering the use of a large balance in the Share premium account for the purposes listed below. Which among these planned actions is/are not legally permitted?

(a) Write off accumulated losses of prior years

(b) Write down the value of non-current assets to their recoverable amounts

(c) Distribute as dividends

(d) Cancel the calls yet to be made on the shareholders in respect of shares issued

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wa,b & c x b, c & d ya, c& d z All four N