Debit Balance Of Profit & Loss Account
This query is : Resolved
Snehal Parikh
(Querist)
20 June 2008
One Of My client is incurred loss in first year. That is private limited compnay without any income. So whole exp relating to first year is loss. If i show the same under reserve & surplus schedule as profit & loss account debit balance instead of showing profit and loss account debit balance separately on asset side, is it any breach of schedule VI or company act or income tax act or not ?
Please reply immediately.
Thanks,
Please reply immediately.
Thanks,
CA Anand Sarda
(Expert)
20 June 2008
it is breach of schedule VI.
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