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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
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Answer Posted / 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 |
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Please answer me for the followings 1. i taken an office on January @ rent 28000.00 for one year and i paid 14000.00 as first payment balance will be paid on august. in tally how we post this and under which account especially balance 14000.0 under which account. 2.i have taken a loan from mr. A the amount is 100000.00 on January and the interest i need to pay on march 21000.00 the interest which iam going to pay is liability not a expense and it will be a expense in future, how we can post this also in tally and under which account. please somebody guide me who knows regards niyas es
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