IS IT POSSIBLE TO GET PROFIT & LOSS APPROPRIATION A/C IN TALLY 7.2 ?
4 Replies
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 02 December 2009
Yes of course.You just have to create an account with the name "profit and loss appropriation account" under the sub head "reserves and surplus" which will be under the main head "capital account".It will appear on the liabilty side of the balance sheet.
Muhammad Farooq
(2 Points)
Replied 16 October 2017
Respected Madam,
Kindly guide me Three Partners A,B,C Purchased Land/Plot for Rs.6000000.(A=2000000,B=3000000,C=1000000) and constructed Office on it with a Construction Cost of Rs.3000000.(A=1500000,B=500000,C=1000000).Should we consider their Office Construction Cost on Land as their Capital invested in business or should we charge as newly created ledger named as "Office Construction Cost A/C". What Journal Entries will be passed in this case and its effects in Income Statement and Balance Sheet.
I shall be very thankful to you for this guidance in this matter.
Thank You!
Best Regards.
Muhammad Farooq.
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