Nature of income and expanse

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Amit Mittal (Querist)
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12 January 2012 If co. earn profit on sale of Fixed Assest and we treat it as income in Profit and Loss A/c. But it is capital nature . So, it should be shown in Balance sheet. Plz solve my QUERY. It is capital nature or not

Ravikant

Ravikant (Expert)
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15 January 2012 To be shown in balance sheet, Addition under reserves and surplus

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Amit Mittal

Amit Mittal (Querist)
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16 January 2012 but we treat it as income in profit & loss A/c. why or when we treat it in profit & loss a/c

Ravikant

Ravikant (Expert)
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16 January 2012 Directly credit P&L account itself

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