Accounts
This query is : Resolved
31 December 2009
What is the meaning of above the line & below the line items in Balance sheet? what are those items....?
31 December 2009
Profit and Loss Account Appropriation is known as Below the Line and Profit and Loss account is known as Above the Line.
31 December 2009
Yes,Agree
01 January 2010
I do agree.
01 January 2010
Thank you sir.. You mean to say that all appropriations in profit and loss will be called as below the line items..? And what is the criteria for this division ?
01 January 2010
Above the line means profits earned which is shown in the profit and loss account. (Ist part of Profit and Loss A/c)
Below the line means how profits have been utilized for different purposes either in the form of transferring to general reserve, dividend equilisation reserve, etc. (IInd part of the Profit and Loss a/c).
Practically Profit and Loss account and Profit and Loss Appropriation Account is one and same.
First part says about the manner the profits were earned.
Second part says about the distribution/application of the Profits earned.
Below the line means how profits have been utilized for different purposes either in the form of transferring to general reserve, dividend equilisation reserve, etc. (IInd part of the Profit and Loss a/c).
Practically Profit and Loss account and Profit and Loss Appropriation Account is one and same.
First part says about the manner the profits were earned.
Second part says about the distribution/application of the Profits earned.
01 January 2010
I do agree with the expert
01 January 2010
Agree
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