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Profit balance from p/l a/c

This query is : Resolved 

IN DPT 3 form, profit from P/L A/c can be shown in FREE RESERVE column ?


Yes, but credit balance of P/L A/c is not free reserve by default as per section 2. It does not include:
(i) unrealised gains, notional gains or revaluation of assets.
(ii) change in carrying amount of an asset or of a liability recognized in equity.
(iii) surplus in profit and loss account on measurement of the asset or the liability at fair value.

thank u for reply SIR

You're welcome.





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