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"Profit & Loss Account" entry on BS?

TelePaul · 2009-10-05 15:51:06

Hi there, Could someone explain what the "Profit & Loss Account" entry under the Capital and Reserves section of a balance sheet reserves to? Is it witheld profit from a past year? Thanks guys.

05-10-2009 3:51pm

#1

TelePaul

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Join Date: September 2006

Posts: 3664

Hi there,

Could someone explain what the "Profit & Loss Account" entry under the Capital and Reserves section of a balance sheet reserves to? Is it witheld profit from a past year?

Thanks guys.

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Comments

#2 05-10-2009 4:00pm

dcr22B

Registered Users, Registered Users 2 Posts: 2,528 ✭✭✭

Join Date: August 2003

Posts: 2442

It should be your profit and loss balance at the end of the financial year.

In most cases, your "Capital & Reserves" should consist of:

- Issued Share Capital
- Profit & Loss Reserve (current year profits)
- Retained Earnings (previous period profits held after dividend pymt, if any)

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