The correct answer is: C. Securities Premium
A reserve is a part of a company’s equity that is not available for distribution to shareholders. It can be used to cover losses, make investments, or pay dividends.
Capital Reserve is a reserve that is created when a company issues shares at a premium. The premium is the difference between the face value of the shares and the price at which they are issued. The capital reserve can be used to cover losses, make investments, or pay dividends.
Capital Redemption Reserve is a reserve that is created when a company redeems its own shares. The redemption reserve can be used to cover losses, make investments, or pay dividends.
Securities Premium is the excess of the issue price of a security over its face value. It is a part of the paid-up capital of a company and is not available for distribution to shareholders.
Therefore, the only item that cannot be shown as a reserve is securities premium.