RESERVES AND SURPLUES UNDER THIS ACCOUNT GROUP WHAT ACCOUNT WE ARE CREATED.
All Capital reserves and revenue reserves will form part of reserves and surplus.
to name a few, share premium, capital redemption reserves, any special reserves applicable to the company, debenture redemption reserves, revenue reserves etc. The balance of profit and loss account automatically gets transferred to reserves as you would have already identified an account as retained earnings account.
Hope this clarifies your query.
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