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Reg p&l as well as balance sheet

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(Querist)
17 September 2013 Please tell me what are the points to be noted while preparing Profit & Loss A/c as well as Balance Sheet.

Regds,
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Arun

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Arun (Expert)
18 September 2013 1.While finalizing Balance sheet and profit and loss a/c you must follow the Accounting Standards applicable for the entity.
2. If it is a company than it should be in Revised Schedule VI format.
3. For company, the accounting should be based on double entry system and also you must follow accrual system of accounting.
4. B/s and P & L must reflect true and fair view.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
19 September 2013 You should keep in mind
1) Income Tax Act
2) Companies Act
3) Banking Regulation Act
4) Accounting Standards
5) Money Laundering Act
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