Preparation of statement of profit & loss for the year 2013
This query is : Resolved
27 August 2013
Hello...Members & Students,
Our Co. is Power Generating Company(Public Sector Unit) and it is under Project,We people Prepare our Balance Sheet Since 2007-08 but not Prepare Profit & Loss account Since we Capitalised Our Expenditure and transfer to CWIP.In this Year Auditor ask to us for Preparation of Statement of profit & Loss Statement Compulsory. Now we People are under Confusion For Preparation of Statement of Profit & Loss for this Year & how ????? please guide us as soon as possible as we have very Short of time for Taking the Decision....
Our Co. is Power Generating Company(Public Sector Unit) and it is under Project,We people Prepare our Balance Sheet Since 2007-08 but not Prepare Profit & Loss account Since we Capitalised Our Expenditure and transfer to CWIP.In this Year Auditor ask to us for Preparation of Statement of profit & Loss Statement Compulsory. Now we People are under Confusion For Preparation of Statement of Profit & Loss for this Year & how ????? please guide us as soon as possible as we have very Short of time for Taking the Decision....
27 August 2013
Statement of profit and loss can be done,,if unit started its commercial operations,,means it's first bill generate
.
.
1)transfer all CWIP to respective Assets ledgers with the date of capitalisation,,,and accordingly caluculate depreciation as per companies act with rates prescribed in schedule XIV
2)remaining admin and direct expences however it will be there in your books,,what else doubt you have
.
.
1)transfer all CWIP to respective Assets ledgers with the date of capitalisation,,,and accordingly caluculate depreciation as per companies act with rates prescribed in schedule XIV
2)remaining admin and direct expences however it will be there in your books,,what else doubt you have
27 August 2013
till date(2011-12), we give the treatment as same as you told but now onwards statutory auditor raise the question on the basis of guidelines that we have to prepare the statement of Profit & Loss. Till date we prepare only Incidental expenditure statement and transfer all expenditure to CWIP including general & admin Charges ,payment to Auditor, repairs & maintenance etc...now onwards what steps can taken by to give the Explanations to Statutory Auditor
27 August 2013
Please give reply
28 August 2013
covert cwip to fixed asset,,pass entries to capitalize fixed assets
.
.
Remaining admin expences and other expences,,let it remain in profit and loss,,
.
..
.
You better take guidence of statutory auditor or take assitance from internal auditor and pass entries with his assitance
.
.
.
.
Remaining admin expences and other expences,,let it remain in profit and loss,,
.
..
.
You better take guidence of statutory auditor or take assitance from internal auditor and pass entries with his assitance
.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- REGARDING GST LIABILITY/....
- LTCG for Assmt year 26-27
- STCG FOR GOLD ETFs
- SALE BILL AGAINST GOODS RETURN
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
