in the chap internal reconstruction-even if its not mentioned in the problem are we supposed to write off all fictitious a/cs given in balance sheet?
P/L account, patents etc...
Osheen Bhattacharya (CA Final) (241 Points)
07 April 2010in the chap internal reconstruction-even if its not mentioned in the problem are we supposed to write off all fictitious a/cs given in balance sheet?
P/L account, patents etc...
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 07 April 2010
YESS... EVEN IF ITS NOT MENTIONED IN THE PROBLEM THEN ALSO ALL FICTITIOUS ASSETS/LOSSES SHOULD BE WRITE OFF AGAINST CAPITAL REDUCTION A/C. ( its Hidden entry).
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 07 April 2010
Internal reconstruction is sought to improve the internal health of the company. So whenever internal reconstrution is carried out, every fictitious asset is to be removed from the balance sheet. even the goodwill amount is also to be removed, than what to talk of the dr. balances of P/L and other deferred revenue expenditure.
So always assume in the question while attempting, it seeks to accumulate so much of reconstruction reserve to write off all the Dr. balance of P/L, goodwill, deferred revenue exp. and other similar fictitious assets.!!!!!!!!!!!!!!!
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
