How to book long term loss in pvt.ltd. co.'s books of accoun
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 May 2014
Ours is a Pvt.Ltd.Company. Our Company is share holder of another Pvt.Ltd. Company. During Last F.Y. our company sold out the shares and also transferred it new share holder.
Now in this transaction loss has been made. my question is , Where should I book this loss ? to P&L Debit or should I deduct it from Co.'s Reserves & Surplus ?
Now in this transaction loss has been made. my question is , Where should I book this loss ? to P&L Debit or should I deduct it from Co.'s Reserves & Surplus ?
Rupesh Jain
(Expert)
31 May 2014
you can show in profit and loss a/c under exemption/extraordinary items and loss in last gone to REserve & surplus a/c.
but under the income tax act. you have to show under diff head LOng term capital loss.
but under the income tax act. you have to show under diff head LOng term capital loss.
Message likes :
1 times
07 June 2014
as per as 12 loss must be written off against profit and loss a/c.
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