Revised schedule vi

This query is : Resolved

Sushant Mahajan (Querist)
Follow

26 July 2012 As per revised schedule VI, how will we show the reserve created during the year in the Statement of Profit and loss A/c by a Company.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

26 July 2012 No need to show the reserve created during 2011-12. If at all you want to disclose , do it by way of NOTE. Make a simple note that revised schedule is trying to make all of us IFRS compliant.

Message likes : 1 times

Sushant Mahajan

Sushant Mahajan (Querist)
Follow

26 July 2012 That means that the profit calc. at the end in Stat. of P&L is w/o deducting any reserve created during the year and the Profit and loss balance shown in B/S is after deducting the amoount for the reserve and we just have to give a note for this.

aadish

aadish (Expert)
Follow

27 July 2012 Dear Sushant Mahajan

if you made reserves from profit then,

You can show under Reserves and surplus head's under Surplus Like:

Net profit during the year
- Transfer to reserves
-proposed dividend

etc.

Ok

Message likes : 1 times

Sushant Mahajan

Sushant Mahajan (Querist)
Follow

18 June 2013 Thank you Sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now