Dear All,
Please let me know the final formula for calculate net worth to know the applicablity of Internal Audit as per CARO, 2003.
Regards,
3 Replies
CS Amit Kumar
(CS)
(463 Points)
Replied 19 December 2012
My question about reva. Reserve and prelim expense.
some one said;
paid up + reserve including pre exp.- pre exp. - amount not written off
CA. Pratik Kumar Dokania
(Professional)
(63 Points)
Replied 20 December 2012
| Originally posted by : CS Amit Kumar | ||
|
Revaluation Reserve and Preliminary Expenditure will be excluded while calculating Net Worth. Reason: 1. Priliminary Exp. is a Ficticious Asset and these type of assets are excluded while calculating Net Worth. 2. Revaluation Reserve is just a Reserve due to Upward Valuation of Assets. Olny those Reserve should be included which is earned by Company. Revalutaion reserve is not a reserve earned by Company |
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