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journal entry
what will be the journal entry for reservs & surplus ?
Replies (1)
Reserves and surplus are created of accumulated undistributed profit transferred to balance sheet.
If there is a profit.
Dr. pl account
cr. general reserve.
after transferring such reserve it appears in GENERAL RESERVE ACCOUNT.
If there is a profit.
Dr. pl account
cr. general reserve.
after transferring such reserve it appears in GENERAL RESERVE ACCOUNT.
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