accumulated profits

Hi santhoshi,

Accumulated profits in general means the balance of general reserve, profit /loss A/c,etc

interms of sec 2(22)(e), ACCUMULATED PROFITS MEANS BALANCE IN ANY FREE RESERVE WHICH WAS CREATED BY DEBITTING THE PROFIT/LOSS ACCOUNT AND INCLUDES BALANCE IN PROFIT/LOSS ACCOUNT...

EG:- APART FROM PROFIT AND LOSS A/C BALANCE

1) GENERAL RESERVE

2) DIVIDEND EQUILIZATION RESERVE..

3) RESERVE FOR CONTINGENCIES.

Well reply amir, good luck