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Reverse and Surplus
Hi sir , can you explain me details about reserves and surplus?
Replies (7)
@ sudha
reserves and surplus comprises of the following accounts:
Surplus in Profit and Loss account.
accumulated profits
Other reserves .
reserves and surplus comprises of the following accounts:
Surplus in Profit and Loss account.
accumulated profits
Other reserves .
What kind of details are required?
Reserves are the funds earmarked for a specific purpose, which the company intends to use in future.
Surplus is where the profits of the company reside.
There are two main kinds of reserves: revenue reserves and capital reserves.
They are taken from different sources of income and are usually set aside for different purposes.
Surplus is where the profits of the company reside.
There are two main kinds of reserves: revenue reserves and capital reserves.
They are taken from different sources of income and are usually set aside for different purposes.
@ sudha
you cannot use capital reserve. it is used for specific purposes.
schedule 111
specifies the following
capital reserve
securities premium reserve
debenture redemption reserve
workman compensation reserve
general reserve
surplus in pl account.
you cannot use capital reserve. it is used for specific purposes.
schedule 111
specifies the following
capital reserve
securities premium reserve
debenture redemption reserve
workman compensation reserve
general reserve
surplus in pl account.
@ Sudha The Schedule III of Companies Act 2013 provides general instructions for preparation of the balance sheet and the statement of profit and loss of a company. It's schedule III and not 111. Please read my earlier post also. Should you need any more specific details , please specify ....
Thank you for your explanation sir
@ Sudha
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