I WANT TO KNOW WHAT IS STATUTORY RESERVES & PLEASE GIVE EXAMPES OF THAT.
ALSO TELL WHAT HAPPENS TO THESE IN B/S.
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Statutory Reserve
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statutory reserves are those liabilities an insurance company is legally required to maintain on its balance sheet with respect to the unmatured obligations (i.e., expected future claims) of the company.
IN CASE OF AMALGAMATION OF TWO COMPANY, THE STATUTORY RESERVE OF AMALGAMATING CO.MUST TO CARRIED OUT TO AMALGAMATED CO.STATUTURY RESERVE IS LIKE A FIXED LIABILITY THATS Y AMALGAMATED CO.MUST CARRIED IT TILL DATE...
THNX A LOT LKR & ABHINANDAN.
its okk....
u have to enter bank to bank entery in contra voucher only, not in receipt or payment voucher.
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