There was a net business loss of Rs. 7,677/-. But when I enter the negative value in "4c: Profit and loss account/ Accumulated balance" of the Balance Sheet, the value is not accepting. How to resolve?
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ITR3 Balance Sheet. How to enter negative value?
Replies (5)
The same is in Application of Funds which means debit side of Balance sheet, if you have loss than enter the amount only
So, I should enter the positive value. Suppose, if I had a net PROFIT of Rs. 7,677/-, value will be the same?
do not post the loss separately in the balance sheet. make the adjustment in the amount of capital fund and post the adjusted capital amount
Ghemchandar Ji if you had net profit so you would have entered the same in Sources of Fund under Reserves and Surplus. Since you had asked the question regarding Loss which means Debit Balance so the same would be shown in Application of Funds as positive amount and not as negative.
Oh, right! Thank you so much Rahul and Veerender.
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