Revised schedule vi-doubt
This query is : Resolved
28 October 2012
i am a student of ipcc....
in coachings i studied that losses prior to incorporation are capital losses and shown under the head miscallenous exp in BS
but as per rev schedule vi we have to debit the expense in p and l itself
so in case we find loss prior to incorporation should it be written off in the current year and reduce the profit of current year???
in coachings i studied that losses prior to incorporation are capital losses and shown under the head miscallenous exp in BS
but as per rev schedule vi we have to debit the expense in p and l itself
so in case we find loss prior to incorporation should it be written off in the current year and reduce the profit of current year???
28 October 2012
No it should appear under the head other current assets to be written off in number of years as may be decided by the company or if it is capital in nature then work in progress to debited
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