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What should be Journal entry for creation of general reserve?
Reserves always created from profit. Therefore the Journal entry will be for creating reserves Dr Profit & Loss A/c CR Reserve A/c
What is revenue reserve and its example?
The revenue reserve is the retained earnings which are shown in the company's balance sheet as part of the shareholders' funds and are set aside to use to continue to pay dividends even if the company makes a loss. The example of the revenue reserve are the credit balance of the Profit and Loss Account, General Reserve and etc...
How do I Find the incremental profit or loss?
The incremental profit or loss is the change in profit or loss over the designated time period. After calculating the profit or loss, for example on a monthly basis, the delta between that and the average monthly profit or loss from the prior year can be determined.
Where can I find a profit loss statement?
A profit loss statement is a statement that summarizes costs, expenses, and revenues. Microsoft office has a downloadable profit loss statement template. The link to this template is http://office.microsoft.com/en-us/templates/profit-and-loss-statement-TC001115484.aspx
What does G and A stand for on a profit and loss statement?
G and A refers to General and Administration expenses
What should be Journal entry for creation of general reserve?
Reserves always created from profit. Therefore the Journal entry will be for creating reserves Dr Profit & Loss A/c CR Reserve A/c
What are the implications of Negative General Reserve in balance sheet of a company?
It would be shown as Debit Balance of Profit & Loss Account on Asset side
What is revenue reserve and its example?
The revenue reserve is the retained earnings which are shown in the company's balance sheet as part of the shareholders' funds and are set aside to use to continue to pay dividends even if the company makes a loss. The example of the revenue reserve are the credit balance of the Profit and Loss Account, General Reserve and etc...
Profit and loss appropriation account uses meaning?
details of profit and loss appropriation account Profit and loss appropriation account is prepared after profit and loss account..It s a account where the profits earned by the company is brought in from profit and loss accont and it s distributed to various accounts like interim divident account, provision for taxiation account, general reserve account etc.....it s a account which shows how the profits are distributed in an organisation.....
What is the difference between general reserve and specific reserve?
Capital Reserve:1.It is created out of the profit earned not in the normal course of business. For example, to a bookseller, profit on sale of books is a regular profit. But profit earned on sale of something other than books is capital profit.2.Capital employed in business is increased permanently.3.It is usually not available for the payment of dividends.4.Liability and loss of capital nature can only be met by it. General Reserve:1.It is created out of profit earned in the normal course of business.2.It increases capital employed temporarily.3.It is available for the payment of dividends.4.It is available for meeting any type of liability or loss. BALAJI GOUDA
What is the difference between general reserve and revenue reserve?
A reserve which is created out of the revenue profit is called revenue reserve. Revenue profit is earned in the normal course of the business. Revenue reserve refers to the undistributed revenue profit. It is created for strengthening the financial position, replacing deprecialble assets, redeeming liabilities, declaring uniform rate of dividend and conducting research and development functions. If the reserve is not needed in the future, it can be distributed as dividend to the shareholders.There are two types of revenue reserve:a) General ReserveA reserve which is created out of the profit not for a specific purpose is known as general reserve.General reserve is used for general purpose as per the discretion of the management. Usually, general reserve is used for strengthening the financial position and meeting future contingencies and losses.b) Specific ReserveA reserve which is created out of the profit for a particular purpose is known as specific reserve. Such reserve can not be utilized for any purpose other than specified. Specific reserve is created by debiting the profit and loss appropriation account. It can be invested in outside securities. It serves for a specific purpose as to equalize dividend or to redeem a fixed liability or to replace a fixed assets or to conduct a research and development work.The following are the important types of specific reserve:* Dividend equalization fund* Sinking fund* Research and development fund
How do I Find the incremental profit or loss?
The incremental profit or loss is the change in profit or loss over the designated time period. After calculating the profit or loss, for example on a monthly basis, the delta between that and the average monthly profit or loss from the prior year can be determined.
What would you find on a profit and loss account?
In profit and loss account normally list all in the revenues and expenses and profit or loss for any particular fiscal year of company.
What is the difference between Reserves and Provision?
Reserve is a an amount set aside from the profit when it is calculated. On the other hand provision is an amount charged against profit and loss in order to assist in calculating the accurate profit.
How do you find the profit and loss in percentage?
The answer depends on percentage of WHAT!
Where can I find a profit loss statement?
A profit loss statement is a statement that summarizes costs, expenses, and revenues. Microsoft office has a downloadable profit loss statement template. The link to this template is http://office.microsoft.com/en-us/templates/profit-and-loss-statement-TC001115484.aspx
What does G and A stand for on a profit and loss statement?
G and A refers to General and Administration expenses
