accounts doubt
rahul KKK (ARTICLED ASSIS) (93 Points)
27 February 2009
whats the logic behind profit prior to incorpn....
Sneha Mago
(Articleship PCC MCOM)
(38 Points)
Replied 27 February 2009
PROFIT PRIOR TO INCORPORATION MEANS PROFIT THE FIRM OR COMPANY HAS EARNED DURING THE INCORPORATION PERIOD I.E THE COMPANY IS IN WAY OF STATRING WHERE BUSINESS ACTIVITY HAS NOT STARTED
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 02 March 2009
As the nam,e itself says about it "Profit prior to Incorporation".
First thing we elaborate is "It does not include losses prior to incorp. Profit prior to Incorp is a capital profit as it is not earned from normal business activities. The treatment is that it should be deducted from capital cost of company.
rahul KKK
(ARTICLED ASSIS)
(93 Points)
Replied 05 March 2009
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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