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Please Help: various reserves

Posted Date : 07-Sep-2011 , 12:22:36 pm | Posted By: PRAVEEN KUMAR

Category : Accounts | Answers : 5| Comments : 0| Hits: 425

please tell me about different type of reserves & their creation & use

Answers:
   Answer by: Ashish Karundia
Dear Praveen, The type of reserves have been explained at the following linkhttp://www.svtuition.org/2009/02/types-of-reserves.html. Hope this answers your query.
   Answer by: Rohit Agarwal
Capital Redemption Reserve (CRR) is created for redemption of Equity/Preference Shares. Under the Companies Act, 1956, such reserve has a restricted usage and is to be created out of the profits for the year in financial statement prepared under Indian GAAP. Capital Redemption reserve can be utilised for paying unissued shares of the company to be issued to members of the company as fully paid shares.
   Answer by: Rohit Agarwal
SECURITIES PREMIUM Securities premium represent the amount being difference between the issue price and the face value of the securities issued by the company. Securities premium havee been recognized as separate component of the equity. Under the Companies Act 1956,securities premium have restricted usage. Securities premium can be utilised for the purposes allowed under the Indian Companies Act, 1956 including writing off share issue expenses, for paying unissued shares of the company to be issued to members of the company as fully paid bonus shares etc..
   Answer by: Rohit Agarwal
SHARE BASED PAYMENT RESERVE The share-based payment reserve is used to recognise the value of equity-settled share-based payment transactions provided to employees, including key management personnel, as part of their remuneration.
   Answer by: Rohit Agarwal
RETAINED EARNINGS/SURPLUS Retained earnings comprises of the Company’s prior years’ undistributed earnings after taxes and transition adjustments made in accordance with new or revised Accounting Standard issued.
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