nazeer (articled student) (37 Points)
13 June 2013X Pvt Ltd is a recently incorporated company.
Only the preoperative Expenses Are Incurred.
Altough The Business Operations are not yet Started.
Are we need to Prepare P&L, BS For That Period. Is It Mandatory To Prepare. if it is mandatory Under What Sec It IS mandatory
P C Agrawal
(Registered independent director Past Ch)
(8229 Points)
Replied 16 June 2013
As per Section 210 it is mandatory for all companies to prepare P&L statement right from the date of incorporation, irrespective of the fact whether commercial activity has been started or not. This is the reason that filing of Form 23ACA is mandatory for all companies. For details you can refer to expert opinion of EAC published in February 2013 issue of CA journal.
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