last year company profit is Rs 50.000 ,the part of the profit is transfer to

last year company profit is Rs 50.000 ,the part of the
profit is transfer to reserve and surplus account . but
the current year company suffering loss .in that situation
company can take help Rs 25000 from reserve and surplus
. if yes than how can ,please reply me what is general entry

Question Posted / tanveer ahmed

3 Answers
7233 Views
IBM, TCS, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

last year company profit is Rs 50.000 ,the part of the profit is transfer to reserve and surplus ..

Answer / surbhi bhandari

reserve & surplus a/c debit to profit & loss a/c

Is This Answer Correct ?

15 Yes

0 No

last year company profit is Rs 50.000 ,the part of the profit is transfer to reserve and surplus ..

Answer / ravi

yes reserves & surplus amount which is kept as a reserve for last year can be utilized in this year

journal entry
reserves&surplus a/c dr 25000
TO P&LA/C 25000

Remaining 25000 can be utilized to set off future occuring
losses

Is This Answer Correct ?

8 Yes

0 No

last year company profit is Rs 50.000 ,the part of the profit is transfer to reserve and surplus ..

Answer / tapan

when we transferred the profit in Reserve & Surplus Entry is

Reserve & Surplus A/c Dr
To Profit & Loss Account

Now Loss Occur so just reverse Entry

Profit & Loss A/C Dr
To Reserve & Surplus

Is This Answer Correct ?

3 Yes

3 No

Post New Answer

More Accounting General Interview Questions

The Trial balance will show only the Opening Stock & Purchase for any given period, but for Profit and loss, we have to calucate the Opening + Purchase – Closing stock ?

1 Answers

Which type of stock show in trail balance. Op. Stock or Cl. Stock & Why?

9 Answers

Mention the types of accounts involved in double entry book-keeping?

0 Answers

how to prepare balance sheet pls tell me?

2 Answers

we given tour advance to party how to treat entry and which head have to given expenditure

4 Answers

How is going concern assumption and accounting period convention related?

2 Answers

Mutual Funds

2 Answers Bank Of America,

what is depriciation, and its method

3 Answers Capital IQ,

a.what products does your firm produce? b.what costs are asssigned to the product produced? c.for particular product,what direct materials are used? d.what percentage of total manufactoring costs is direct labor? direct materials?overhead? e.how is overhead assigned to the products? f.do you now use or plane to use an activity_based management system?why or why not?

0 Answers

Please guide in details about Payroll in Tally.erp9??

0 Answers Omega,

Types of vouchers with explaination

1 Answers

any example should cover all three types of accounts in one entry

2 Answers

For more Accounting General Interview Questions Click Here