Retained earnings
This query is : Resolved
ANURAG GUPTA
(Querist)
29 September 2014
whether balance as per last balance sheet(i.e profit of previous year carried forward this year) to be added into retained profit of this year or not? if not then why?
CA R SEETHARAMAN
(Expert)
29 September 2014
Yes it has to be added to the retained profit of the year.
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ANURAG GUPTA
(Querist)
29 September 2014
but it is deducted from the retained surplus carried forward while calculating retained profit in application sheet of value added ststement,why?
CA R SEETHARAMAN
(Expert)
30 September 2014
Value added statement is calculation of value added for the current year hence profit of previous year carried forward is deducted.
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