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Convertion of Creditors to Reserves

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(Querist)
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
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Deepak Agrawal

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Deepak Agrawal (Expert)
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...
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
03 February 2009 You can written back in P & L a/c
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K V Subba Rao

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K V Subba Rao (Expert)
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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