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Period of 1st Balace sheet

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PRIYANKA (Querist)
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10 March 2010 If a pvt. co. is incorporated on 1.1.2008, then can it prepare it's 1st financial statement for 15 months i.e from 1.1.2008 to 31.3.2009 ?

Rasesh (Expert)
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10 March 2010 Yes, the first balance sheet or any subsequent balance sheet can be for 15 months.

CS Vandana Kacholia

CS Vandana Kacholia (Expert)
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10 March 2010 yes agree you can prepare the first b/s for 15 months.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 March 2010 AS FAR AS I AM CONCERENED THE BALANCE SHEET SHOULD BE FOR
1) 01.01.2008 TO 31.03.2008
2) 01.04.2008 TO 31.03.2009.

IT SHOULD NOT BE FOR 15 MONTHS.

Ankur Garg (Expert)
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10 March 2010 Agree with Vandana and Rasesh. For first FY It may be for 15 months.

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