23 September 2010
Dear Friends, please help me on the following query mentioned below. 1) During the F.y 08-09 there is a deemed dividend amounted to Rs 500000 against which the same amount of reserves & surplus are utilized. As it is considered as a deemed dividend no accounting entry relating to this was passed in the books & hence the same amount of reserves & surplus is carried during the current year. During the current Year The company had a loss amounted to Rs 7,00,000. so please suggest me whether the current year loss amounted to Rs. 700000 can be set-off against the opening bal of reserves & surplus........which was already utilized for the purpose of deemed dividend
CAclubindia
