ONE CO WAS INCORPORATED ON 15/02/2011. AS PER COMPANIES ACT, WE HAVE DRAFTED P&L, B/S FOR 15/02/2011 TO 31/03/2012. FOR PERIOD 15/02/2011 TO 31/03/2011, HOW WE SHOULD PREPARE B/S IN IT ACT.
27 August 2012
It is not possible in IT act. U/s 2 (34), PY means 1st April to 31st MArch. You have to prepare the balance sheet for 15-02-2011 to 31-03-2011 & 01-04-2011 to 31-03-2012.
CAclubindia
