13 March 2011
sir, in amalgamation, i had seen in various places P/L a/c is debited and credited(when difference between asset and liabilities taken over, amount paid to such helpers etc.) is it correct. i have studied that P/L a/c only contains nominal account. pls give me an answer
13 March 2011
i think u r talkin about accounting of amalgamation under POOLING OF INTEREST (MERGER) method.. There, if there's a debit balance, p&l debited while for crdiet balance its general reserve.....
CAclubindia
