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Amalgamation adj. presentation in rev sch vi
In the new Rev schedule 6, where is presentation of Amalgamation adjustment (Created on transfer of statutory reserve) shown in balance sheet?
As per schedule 6, Misc expenditures are to be deducted from P&l & not shown on assete side.
Replies (3)
I've had the same doubt
it's shown in b) reserve and surplus
as below:-
ex:- if investment allowance reserve is 2lakh
then shown as below Reserve & surplus :-
investment allowance reserve = 2lakh
amalgamation adjustment account = (2lakh)
net = 0
Amalgamation adjustment reserve is to b shown as other non current assets while investment allowance is to b shown in reserves n surplus....ckh out sum 7 of practice manual...
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