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Internal Reconstruction

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(Querist)
27 February 2017 In internal Reconstruction , Do we have to write off all fictitious and intangible assets even if not said in the question ?
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Tony John

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Tony John (Expert)
27 February 2017 Yes you must write off fictitious assets and losses such as preliminary expenses provided there is sufficient credit balance in Reconstruction A/c. Goodwill, patents etc shown in Balance Sheet should also be written off, the logic being that a company that is being internally reconstructed can in no way have goodwill !!!
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Tony John

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Tony John (Expert)
27 February 2017 Moreover you may give a note to this effect in your answer.
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manan kansal

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manan kansal (Querist)
27 February 2017 thank you so much sir . its so nice to see such an
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manan kansal

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manan kansal (Querist)
27 February 2017 its so nice to see such an explanatory reply . Thanks
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manan kansal

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manan kansal (Querist)
28 February 2017 Sir please reply to my another query relating to proposed dividend which i posted earlier.
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