Closing of accounts after financial year

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Gopinath K S (Querist)
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09 March 2012 Hi,
Mine is a start-up firm (LLP) which was registered in December'2011. The firm is not functional yet and I have not opened the Current Account also. I want to know if it is mandatory to open a current account immediately and close accounts for financial year ending Mar'12. Thanks.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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10 March 2012 No need to open a current account, it is not required under any law.

The first financial year could be 31st march 2012 or 31st march 2013, as there is relaxation for first Financial year, but closing of accounts and filling of returns with ROC is mandatory.

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Gopinath K S

Gopinath K S (Querist)
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10 March 2012 Thanks Mr. Prashant Gupta...
Could you kindly let me know the procedure for accounts closing and filing of returns with ROC. Is it mandatory to get it done through a CA?
If my understanding is correct, in the Balance Sheet I need to show only the loss by mentioning all the expenses incurred (as I've not recieved revenue yet) and have a balance INR 100000 (paid up capital) in the current account, if I prefer to open one now.

CA Prashant Gupta

CA Prashant Gupta (Expert)
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11 March 2012 the Accounts of LLP must be audited by a CA. so you have to go to a CA.
Yes, you have to show the balance of cash or bank, alongwith losses in assets side and share capital at liability side.

Filing with ROC will be in XBRL format,so advisable to go to a CA.

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Gopinath K S

Gopinath K S (Querist)
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12 March 2012 Thanks again Mr. Prashant Gupta...
Kindly let me know if you have any reference at Bangalore? Someone who can guide me wrt SAS and Annual Returns filing.
It would be helpful if you can let me know how much would a CA normally charge for SAS and Annual Returns filing.

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