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First balance sheet

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 April 2015 A company has been incorporated in Sep 2013.


Can we prepare the single balance sheet upto 31/03/2015.


what are the formalities to appoint the first auditor in the company.
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Pratik Shah

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Pratik Shah (Expert)
29 April 2015 No, you had to close the first financial year on 31/03/2014. Single financial year of more than 18 months are not allowed.

Since the company was incorporated in September 2013, provisions of Companies Act 1956 will be applicable for the purpose of appointment of first auditor.

As per old Act, the First auditor shall be appointed within 30 days from the date of incorporation by the Board of Directors. If the Board can not appoint it, then the Company in the General Meeting shall appoint the First auditor.
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