Can anyone please tel me full detail of free reserve under section 372A?
And also let me know if there is negative P&L balance then it would be set off against the researve & surplus of not.
Thanks & Regards
Manish Goel
manish (Associates) (24 Points)
21 July 2010Can anyone please tel me full detail of free reserve under section 372A?
And also let me know if there is negative P&L balance then it would be set off against the researve & surplus of not.
Thanks & Regards
Manish Goel
Jagruti (CS)
(Service)
(1953 Points)
Replied 21 July 2010
As per Sec 372A, free reserves includes all reserves except reserves which are set aside for specific purposes like Revaluation reserves etc.
P/L debit balance is not required to be set off
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