Finalisation of Accounts for new company!!!

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Rajesh (Querist)

01 September 2010 Dear Experts,
Already posted before but no reply sir...
Very Urgent Sir!!
Thanks for everyone who replies!!!
I am going to audit a new private limited company which is just started.
I have the following doubts in that please provide me the answers.
1) Please provide me the format of Schedule VI of the Companies Act.
2) What are all the applicable standards for it.( It is neither a holding company nor a subsidiary one) Specially whether AS-3 (Cash Flow Statement applies for it)
3) Since this is the first year there might be loss for the year, so should i have to provide Deferred Tax Asset.
4) Is there minimum amount of share capital which the company has to register itself as private limited company?
5) Please provide me the section which deals with prelimnary expenses write off as per Companies Act.
With regards,
Rajesh.

CA Vanesh Nadar

CA Vanesh Nadar (Expert)

01 September 2010 Hi Rajesh

1. You have download the Format for Sch VI from the WIRC Referencer which could be downloaded WIRC website or search via Google.

2. According to me you should look into detailed aspect of the business but in general the AS-1, 2 (If dealing in stocks), 3,6,10,11,18,21, etc depending on the business of the assessee.

3. No. But, remember to put an comment on the same.

4. The minimum cap is of one Lakh.

5. No specification has been provided in the Companies Act, but it's general that its the expenses that are incurred in the process of incorporation of the Company which should have been accepted by the Board and should supported.

I hope, you are clarified.

Regards,

M. Vanesh Kumar

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