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Is p&l required prior to commencement

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 January 2014 WHETHER PROFIT & LOSS ACCOUNT IS REQUIRED TO BE PREPARED WHERE NO COMMERCIAL ACTIVITY IS COMMENCED.
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Ganeshbabu K

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Ganeshbabu K (Expert)
02 January 2014 Not required to prepare statement of profit and loss if company not yet started its commercial activities
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Querist : Anonymous

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Querist : Anonymous (Querist)
02 January 2014 WHERE THE FOLLOWING EXPENSES ARE TO BE REFLECTED IN THE FIRST YEAR:
AUDIT FEES.
BANK CHARGES.
COMPANY INCORPORATION EXPENSES.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
02 January 2014 yes as for companies accural method of accounting is to be followed.
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Ganeshbabu K

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Ganeshbabu K (Expert)
02 January 2014 will BE TREATED AS PRELIMINARY AND PRE INCORPORATION EXPENCES UNDER OTHER CURRENT ASSETS
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
02 January 2014 Such Exp needs to be amortized.
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