Adjustment of current year loss from the general reserves

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Company Secretary
28 Points Joined October 2015

The Company having previous year balance in general reserves of Rs.1 crore and have loss in current year of Rs.2.5 crore.

Can the company set-off there current year loss from the general reserves and show only the balance amount as loss in balance sheet.

Please also mentioned the related provisions or rules.

 

thanks & regards

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On 06 June 2016 at 11:26 Report
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Chartered Accountant
2229 Points Joined May 2014
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On 06 June 2016 at 11:46
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Chartered Accountant
2229 Points Joined May 2014
Yes it can set off current year losses from general reserves, remaining balance of loss should be shown as a negative balance under 'Reserve and Surplus' in Balance Sheet as per Schedule III to Comapinies Act,2013
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On 06 June 2016 at 12:03


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