audit report

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Laxmikant agrawal (Querist)
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05 February 2011 dear sir,
how will make a audit report for the following point
1. in the case of the Profit & Loss Account, of the Loss for the year ended on that date.
i.e.my question is a company has only purchase stock in trade for trading activity but it has not started trading activity till the balance sheet date so company has not made any profit or loss as company has not started trading activity. so how i will present the above line will it will be written as no profit no loss or nil profit or it will just written as in the case of profit & loss account for the year ended on 31/03.
please advice me.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 February 2011 in case of the profit and loss account,of the no profit no loss position for the year ended on that date.

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