Going conern
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2014
How the company should prepare its financial statements (Going Concern or Non Going Concern) for the year ending 31st March 2014, if it is finalised to be sold in Aug or Sept 2014. Company is continuing its business normally from 1st April 2014 to till date and its assets are in continuous use for production of items sold by it. The would transfer all its assets in Aug/Sept 2014 and would continue to exist without any business. That is why the question to know whether Mar 2014 financials should be prepared by company on going concern or non-going concern basis.
More response please.
More response please.
CA UMESH DULAL
(Expert)
17 June 2014
Books of accounts are to be prepared on going concern basis unless there is a strong evidence which render going concern is not relevant. Selling company is not one of the criteria for not making books of accounts on going concern basis as the purchaser will carry on business.
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