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The third schedule of Payment of bonus act 1965 , under section 6(d) says that in case of a company , 6% of its reserves shown in balance sheet shall be deducted from gross profit for arriving at the allocable surplus . But what would be the case when we have negative reserve & surplus balance on the liability side of the balance sheet ? The negative reserve & surplus is due to losses being incurred by the company from so many years . In such case what shall be deducted ?
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