Loss of p&l a/c treatment
This query is : Resolved
10 December 2015
Hi
Anyone please tell me whether it is required to show the loss balance of P&L under the head Misc. Exp. in the assets side?? or it is to be shown under the owner's equity in the liabilities side and reduced from it??
Thanks in Advance
Anyone please tell me whether it is required to show the loss balance of P&L under the head Misc. Exp. in the assets side?? or it is to be shown under the owner's equity in the liabilities side and reduced from it??
Thanks in Advance
10 December 2015
It should be under 'reserves and surplus' with a -ve sign. Inference - schedule III of Companies Act,2013.
10 December 2015
The balance LOSS in P and L account be shown under asset side,under misc exp
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