when there is a pre profit, amount will be transferred to capital reserve
if there is a pre loss, then will transfer to Goodwill?
what journal entries will we need to post at the time of transferring to the balance sheet ?
3 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 06 April 2020
Same to transfer into Reserve and Surplus...
satish
(teaching)
(2046 Points)
Replied 06 April 2020
If pre- incorporation profit entry is
profit and loss a/c. Dr.
To capital reserve
if loss entry is
goodwill a/c. Dr.
To profit and loss a/c
profit and loss a/c. Dr.
To capital reserve
if loss entry is
goodwill a/c. Dr.
To profit and loss a/c
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