Convertion of Creditors to Reserves
This query is : Resolved
03 February 2009
Is it possible to convert a certain amount of Creditors(Who was silent for the last 5 years) into Reserves as per AS
03 February 2009
By reserve it means that u can credit it to profit & loss account. U cannot transfer in balance sheet... Also if creditors are related to Fixed Asstes, then fixed assets needs to be reduced...
03 February 2009
You can written back in P & L a/c
03 February 2009
If you transfer any amount from S Crs accounts directly to Reserve Account, Income Tax Officer will literally pounce on you
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