i m prearing b/s of a co..as per new revised schedule vi , n facing a difficulty..
my b/s is almost complete.. bt i want to knw
"under what head does priveous year profit shown in profit & loss a/c"
pls rep .. its urgent!!
3 Replies
sahil
(final)
(130 Points)
Replied 04 May 2012
Reserves and surplus... the new amendmend in new schedule is that you have to show at Reserves and surplus at any case... P & L Dr Bal (Loss) will also be shown at this side... by putting Negative sign........ ..which was shown at assets side as per old schedule....
Komal Kedia
(CA Final)
(61 Points)
Replied 04 May 2012
Profit of the last year is to be shown under the head Reserve and Surplus and Profit & Loss Account having debit balance to be shown as a negative item under the same head.
Reserve and Surplus
Surplus / (Deficit) in the statement of profit and loss 31.3.2012 31.03.2011
Balance as per last financial statements xxxxx xxxxx
Profit/ (Loss) for the year xxxxx xxxxx
Net Surplus/ (deficit) in the statement of pofit and loss xxxxx xxxxx
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