14 September 2012
Dear Members, A private ltd co. is partner in a Partnership firm and received a profit after tax from partnership firm, what will be the treatment of this profit. I think it will be added directly to the Reserve & Surplus of the company because it is a profit after tax, so no need to pay tax on this profit by the company. Please correct me if i m wrong and suggest the best way of treatment of this profit..
CAclubindia
