Brought forward business loss from previous year

Tax queries 265 views 2 replies

Dear Sir/Madam,

In the balance sheet of this year, is it ok to add business loss from previous year in the opening balance of this year ? 

Thank You.

Replies (2)

The opening balance of CAPITAL A/c this year (FY 2014-15) as on 01/04/2014 will be after subtracting of last year's loss, drawings.etc. (Assuming that it is a proprietory business) 

 

If you add / subtract the loss now the BS will not tally.

Thank you Madam for your quick and accurate reply.


CCI Pro

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