Profit & loss for nil company

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Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2012 Please tell me the is there is requirement for the preparation of Profit & loss Account as per the Revised Schedule VI for company which had not started the commercial activity since its incorporation. in previous year we had show all the expense as pre-operative Expense.

Amol S Joglekar

Amol S Joglekar (Expert)
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22 August 2012 Preparing a NIL profit and loss account has no meaning. While uploading the annual reports if it prompts for, then you need to give a nil profit and loss account. (This is with the assumption that you are also not writing off the preliminary expenses)

Querist : Anonymous

Querist : Anonymous (Querist)

25 August 2012 but there was statutory auditor fees what about that
kindly explain

Amol S Joglekar

Amol S Joglekar (Expert)
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29 August 2012 This fee is shown as expenditure in profit and loss account. In that case prepare a profit and loss account.

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2012 BUT MY QUES. IS PREPARATION OF PROFIT & LOSS ACCOUNT IS MANDATORY AS PER REVISED SCHEDULE 6 OF COMPANIES ACT 1956.

Amol S Joglekar

Amol S Joglekar (Expert)
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10 September 2012 preparation of final accounts is mandatory. So prepare the profit and loss account as well