Revised schedule vi

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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

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

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.

aadish

aadish (Expert)

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)

18 June 2013 Thank you Sir

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