banner_ad

Convertion of Creditors to Reserves

This query is : Resolved 
Profile Image

Profile Image

(Querist)
03 February 2009 Is it possible to convert a certain amount of Creditors(Who was silent for the last 5 years) into Reserves as per AS
Profile Image

Deepak Agrawal

Profile Image

Deepak Agrawal (Expert)
03 February 2009 By reserve it means that u can credit it to profit & loss account. U cannot transfer in balance sheet... Also if creditors are related to Fixed Asstes, then fixed assets needs to be reduced...
Profile Image

CA. Gurdeep Singh Chawla

Profile Image

CA. Gurdeep Singh Chawla (Expert)
03 February 2009 You can written back in P & L a/c
Profile Image

K V Subba Rao

Profile Image

K V Subba Rao (Expert)
03 February 2009 If you transfer any amount from S Crs accounts directly to Reserve Account, Income Tax Officer will literally pounce on you
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details