Question No 01 Chapter No 14
1. SS Limited earned a net profit of RS 12,00,000 during the years 2018-19. the company created general reserve Rs 2,00,000 and dividend equalization reserve Rs 3,50,000 out of profit
Pass the necessary journal entry for the creation of reserves.
The Content covered in this article:
The solution of Question No 01 Chapter No 14: –
|In the Books of SS Limited|
|Mar. 31||Profit/Loss A/c||Dr.||5,50,000|
|To General Reserves A/c||2,00,000|
|To Dividend Equalisation Reserve A/c||3,50,000|
|(Being the reserves created out of profit.)|
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