Dear friends,
If two companies have amalgamated into a third one, between the financial year 2009-10 (say on 30.06.2009), than which company will account for the profits upto 30.06.2009? Will the entire profits be shown in the income statement of the newly formed amalgamated company? or will the profits upto 30.06.09 be shown in the income statement of the two companies which will cease to exist on the scheme becoming effective? If they are added to income statement of newly formed amalgamated company, than whether they would be shown as profits prior to incorporation?
Thx in advance...
Chintan
CAclubindia
