Can sources of or application of fund can be negative?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2011
cumulative loss is greater then loan+ capital so sources of fund is negative.net current assets is negative and which is more then fixed assets so application of fund is also negative.
CAN WE SHOW THE NEGATIVE FIGURE IN SOURCES OF FUND AND APPLICATION OF FUND IN THE AUDITED BALANCE SHEET.
CAN WE SHOW THE NEGATIVE FIGURE IN SOURCES OF FUND AND APPLICATION OF FUND IN THE AUDITED BALANCE SHEET.
23 September 2011
Yes, It can be shown, even revised schedule VI contain such matter specifically where debit balance of P&L account should be shown under EQUITY AND LIABILITY as negative balance.
Regards,
CS SUMAT SINGHAL
Regards,
CS SUMAT SINGHAL
29 September 2011
well it is never possible as you all are confused in the middle of the amendment in new schedule vi, in which you are picking one old provision and one new provion
29 September 2011
as per old schedule vi
the loss r reqd to be shown on asset side and the current liabilities r to be shown as deducted from current asset, therefore both current liabilies and profit and loss a/c -loss figure will set off each other
the loss r reqd to be shown on asset side and the current liabilities r to be shown as deducted from current asset, therefore both current liabilies and profit and loss a/c -loss figure will set off each other
29 September 2011
moreover in case of new schedule vi current liabiliteis are now shown as positve figure on Source side and loss amount to be deducted from Capital & reserve again both will set off each other
29 September 2011
and no case it can be negative at maximum it can be Nil balance both the side not beyond that is permissble at any cost
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