Loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2014 when loss cannot be c/f due to late return, how to show it in financial statements of-
1. Company
2. Proprietorship

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2014 for companies, it would get adjusted in the deferred asset/liabilities. for partnership, you may write it off to capital account.

Rupesh Jain

Rupesh Jain (Expert)
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13 November 2014 in both case amount of loss set off with the owner fund.

in companycase:- reserves & surplus
in partnership:- debit to parter capital a/c

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 November 2014 Rupesh Bhai,

he is talking about disallowance of carry forward of tax losses...how would you adjust them in books of accounts for a company?