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Net worth

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 June 2013 Dear Mr. Suraj,

My quarry is related to CARO clause (x). To consider the net worth n/s 2(29),whether accumulated lossess be reduced from capital and free reserve or not? please
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
13 June 2013 Debit balance can be reduced only from Revenue Reserves, if any. It cannot be deducted from Capital.

Refer Page 46 of the below link
https://220.227.161.86/24157comp_aapc_p3finalnew_cp8.pdf
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Querist : Anonymous

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Querist : Anonymous (Querist)
13 June 2013 Dear Mr. Suraj,

my quarry is related to CARO clasue (x). To calculate net worth u/s 2(29)whether we deduct accumulated losses from capital and free reserve or not? In other words whether we compare accumulated lossess with capital+free reserve-accumulated losses?
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
13 June 2013 Networth would be Capital plus reserves less accumulated losses.
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Querist : Anonymous

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Querist : Anonymous (Querist)
13 June 2013 Thanks Mr. Suraj
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