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Preparation of P&l A/C

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(Querist)
15 June 2009 Pl giv the solution for the following case

The company has no revenue.it has only operating expenses.
is it compulsary to prepare P&l A/C.
or is it enough to prepare only Statement of expenses and prepare Bal Sheet.

If Preparation of P&l is compulsory as per which AS it is required.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
15 June 2009 You have to prepare profit and loss account only. and the net loss will be carried over to next year for set off.

Profit and Loss account has to be prepared as per Schedule VI of the companies and the income and expenditures has to be accounted as per particular accounting standard wherever applicable.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
15 June 2009 If the expenses are in the nature of Pre-operative expenses, then you should prepare "Statement of Pre-operative Expenditure" for better presenation of financial statements.
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