Loss more than capital

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Joseph Joy Puthussery (Querist)
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01 October 2012 sir,
one of the companies i am doing accounts, constituted one and half years ago. They have a loss as per last b/s. But this year they made a profit but not enough to recoup the loss of last year. How'll i show the previous year loss under revised schedule VI? what if the loss is more than issued capital? please help. but sir, when the reserves and surplus itself is more than capital, how can we disclose it? in tally erp9, it is shown in asset side.. is that correct treatment?

Amol S Joglekar

Amol S Joglekar (Expert)
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01 October 2012 revised schedule is having the provision to show the figures in bracket or negative. The problem may arise at the time of preparing the income tax return which does not allow negative or bracketed figures.

Joseph Joy Puthussery

Joseph Joy Puthussery (Querist)
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01 October 2012 but sir, when the reserves and surplus itself is more than capital, how can we disclose it? in tally erp9, it is shown in asset side.. is that correct treatment?

Amol S Joglekar

Amol S Joglekar (Expert)
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02 October 2012 The disclosure requirement may differ from software to act. No harm in showing it on asset side. It is very much the case all these earlier years. It is only, in IFRS; that debit balance in Profit & Loss account is required to be shown on liability side with -ve sign.

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