Preparation of profit & loss a/c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 December 2013
My Clint is a Pvt. Ltd. Co. and it did not start its business activity. It has also not incurred any exp. Whether it is compulsory to prepare profit & loss a/c? Please provid section references and any guidance note issued by ICAI.
25 December 2013
what is the date of incorporation of the company?
25 December 2013
yes as there must be capital and assets therefore in case of profit and loss a/c may not be prepared but balance sheet in any case needs to be prepared.
25 December 2013
Need not prepare sopl in such case. Give a suitable note in the financial statements.
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