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Schedule - vi

Jiten (Audit Manager) (63 Points)

17 September 2013

Dear Fellow Colleges,

This is during a statutory audit of a public limited company, which has incurred a huge losses during the FY 12-13 which even exceeds the accumulated reserves of the Company during past many years. The question is how to show these losses under appropriate head in the new format of Schedule-VI. If it is taken under Reserve & Surplus , it will be a negative figure under the same head.

J P SAHOO

Samantaray & Co.

Chartered Accountants

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2 Replies

Deepak Gupta (CA Student) (15922 Points)
Replied 17 September 2013

As per Revised Schedule VI, Debit balance of Statement of P&L shall be shown as a Negative Figure under the head ‘Surplus’.
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Similarly, the balance of ‘Reserves & Surplus’, after adjusting Negative balance of Surplus, if any, shall be shown under the head ‘Reserves & Surplus’ even if the resulting figure is in the negative.

Ritzz (CA Final - Article ) (365 Points)
Replied 19 September 2013

Originally posted by : \|)eep @ k Gupt/\
	As per Revised Schedule VI, Debit balance of Statement of P&L shall be shown as a Negative Figure under the head ‘Surplus’. . Similarly, the balance of ‘Reserves & Surplus’, after adjusting Negative balance of Surplus, if any, shall be shown under the head ‘Reserves & Surplus’ even if the resulting figure is in the negative.