A pvt company had losses and stopped its operation since 2023. The company will initiate the process of strike off in Fy 26-27 after two years of business non-operation (Fy 24-25, 25-26). The financial statement of 25-26 will be the last nil financial statement before strike off. The company had loan from directors and no other liability from outsiders.
The directors will give loan waiver letter and unpaid director loan will be made zero in 25-26 filling. The company had sold some assets and unsold assets will be considered as scarp. The bank account can't be closed now as it will be required for ITR filing of 25-26. It will be closed after filing ITR but before strike off in 26-27. There will be some balance in bank account. The financial figures of company in Fy 24-25 was as follows.
Share capital: 15L
Reserve and surplus: -33.34L
Short term borrowing: 23.03L
Assets: 3.70L
Deferred tax: 21k
Bank balance: 78k
I need your guidance how to make these figure zero in accounts. Also if any notes needs to be mentioned in financial statement for making them zero. Thank you.
CAclubindia
