Revised schedule vi
This query is : Resolved
Sushant Mahajan
(Querist)
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
(Expert)
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.
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Sushant Mahajan
(Querist)
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.
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
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
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Sushant Mahajan
(Querist)
18 June 2013
Thank you Sir
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