Retained earnings

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ANURAG GUPTA (Querist)
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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

CA R SEETHARAMAN (Expert)
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29 September 2014 Yes it has to be added to the retained profit of the year.

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ANURAG GUPTA

ANURAG GUPTA (Querist)
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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

CA R SEETHARAMAN (Expert)
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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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