27 July 2007
Whether Debit balance in Profit and Loss account is reqiured to be set off against General reserves or it can be seprately shown in Assets side under miscellaous Exp. As its effect in computing Net Worth would be different .
27 July 2007
If general reserve get exhausted i.e., the debit balance in profi and loss a/c exceeds the Group reserves and surplus then the unadjusted balance should be placed under miscellaneous expenses group in the asset side
CAclubindia
