Reserves must be kept
Sameer Sheikh (Accountant) (57 Points)
19 October 2020
Reserve and its types to be kept out of profit for sole propertiors,partnership and pvt ltd?
1 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14803 Points)
Replied 19 October 2020
Sole Propertiors not keep any reserve because he is not paying Dividend and other contingencies etc , however in case of partnership firm and Pvt ltd they have to pay other type of contingency from reserve , so they have to mainten reserve .
However , sole proprietors also can mainten reserve surplus for Reserve for bad debts , reserve for Discount on creditors , etc .
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