how to treat profit from the p&L A/c
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Profit
Replies (7)
transfer it to Reserves & surplus in case of company
& In capital Account in case of Partnership firm OR propreiotr ship concern.
in case of proprietarship - directly transferr to capital ac.
in case partner- firstly t/f to p and l appropriation ac. for distributing salary and interest to partners
in case of the co. - transffer to reserve and surplus ac.
AGREE WITH FUTURE CA
agree with future ca,
for company, profit can be retained in p&l a/c itself.
agree with future CA
AGREE WITH FUTURE CA.
| Originally posted by : future ca | ||
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in case of proprietarship - directly transferr to capital ac. in case partner- firstly t/f to p and l appropriation ac. for distributing salary and interest to partners in case of the co. - transffer to reserve and surplus ac. |
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