Profit balance from p/l a/c
This query is : Resolved
SURABHI GUPTA
(Querist)
22 June 2019
IN DPT 3 form, profit from P/L A/c can be shown in FREE RESERVE column ?
Guest
Guest
(Expert)
22 June 2019
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.
(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.
SURABHI GUPTA
(Querist)
24 June 2019
thank u for reply SIR
Guest
Guest
(Expert)
24 June 2019
You're welcome.
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