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The company has incurred loss of rs. 50 lacs. the directors wants to transfer the amounts standing to the credit of their unsecured loan account to profit and loss account as income.
can they do so. |
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the loss amount will be debited to capital a/c it cnt be transferred to unsecured loan account |
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To the extent of my knowledge it should not be transferred. |
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Loss in Statement of profit and loss will apper as negtive item in Reserve and surplus, as per new revised Schedule VI.
So adjusting it with unsecured loans in not correct |
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yes the co can do like this. |
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