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
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.
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