Loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2014
when loss cannot be c/f due to late return, how to show it in financial statements of-
1. Company
2. Proprietorship
1. Company
2. Proprietorship
Nikhil Kaushik
(Expert)
12 November 2014
for companies, it would get adjusted in the deferred asset/liabilities. for partnership, you may write it off to capital account.
Rupesh Jain
(Expert)
13 November 2014
in both case amount of loss set off with the owner fund.
in companycase:- reserves & surplus
in partnership:- debit to parter capital a/c
in companycase:- reserves & surplus
in partnership:- debit to parter capital a/c
Nikhil Kaushik
(Expert)
13 November 2014
Rupesh Bhai,
he is talking about disallowance of carry forward of tax losses...how would you adjust them in books of accounts for a company?
he is talking about disallowance of carry forward of tax losses...how would you adjust them in books of accounts for a company?
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