Balance Sheet

Dear Pravin,

Wonderful question Brother....

The term "accumulated profits"  has not been defined in the Act

SC has held that the term should be understood in it's "commercial sense"

Sec 205 of Companies Act says that "Dividend cannot be paid out of accumulated profits unless current losses are made good."

In view of above I think IT WILL BE DEDUCTED...

dear pravin

what type of mise exp not mentioned

strictly speacking as per schedule VI requriments mise exp can't dedected reserves and also your question is not clarity what type of reserves either capital reserve or general reserve

if general reserve P&L account ( debit balance) may be adjusted otherwise it can't be adjusted