ROC filing - P&L and balancesheet preparation

sir,

 the very first thing you should do is to check what is the status of your company on MCa portal..........

if it is inactive from 2007 then u have file annual form with nil activity for these year along with the additional fee  thereafter your company will renewned for the futher activity. 

more clarification is sought from experts

 

Sir,

The company status on MCA portail is ACTIVE

Mr. Reddy,

 

Your first FY would be from 07/02/2007 to 31/03/2008 i.e. a period of 1 year and 53 days. So your annual filing pending from the following financial years:

 

1. 2007-08
2. 2008-09
3. 2009-10
4. 2010-11
5. 2011-12
6. 2012-13 (Current filing year so no default)

 

Filing annual filing forms for previous years is not an issue at all as you can file all ROC forms with late fee.

 

1. Balance Sheet in ROC E-form 23AC
2. Profit And Loss account in ROC E-form 23ACA
3. Annual Return in ROC E-form 20B

 

Further from point no. 1, 2 and 3 of your query, it seems you have limited knowledge of finance and ROC related work, so I would suggest you to hire the services of a professional firm of CA or CS to avoid unnecessary mess.  

 

Thanks

Ankur

All the preliminary exps will be carrying forward till the commercial activity is started. And the same will be writing off for 5 years from the year of commencement of commercial activity.

P&L is not required to be prepared if there is no commercial activity in the financial year.However form 23ACA is required to be filed.

Thank you Very much Ankur Sir. From your explanation I came to know that first financial year can be extended upto 15 months without permission of ROC.

Dear Ramya madam,

As per revised schedule VI, there is no treatement given for preliminary expenses in Balancesheet.

In that case, whether total of preliminary expenses is to be written of to P&L in the financial year 2011-12 ??

 

Disclose it under reserve and surplus head, miscallaneous exps to the extent not written off/adjusted under preliminary exps

Originally posted by : Dhananjay Reddy
	From your explanation I came to know that first financial year can be extended upto 15 months without permission of ROC.

Yes it is exclusively provided by Companies Act, 1956. You are requested to refer sub section (4) of Section 210 of the Companies Act, 1956.

As per para 56(a) of AS-26, preliminary expenses should be recognised as expenses when it is incurred... This is not allowed to be written off in 5 years ...

Dear Rahul,

Since commercial activities had not yet started, Profit & loss account has not been prepared.

And so preliminary expenses are shown in balancesheet to write in 5 years after the commercial operation starts.

Dear concern, What i meant to say was to write off preliminary expenses in full in the year of commencement... It is very unfortunate that some people (even professionals) link it with sec 35D of income tax act where deduction of these expenses are allowed in 5 previous years starting from the year of commencement of commercial operations... However no such accounting treatment (i.e. writing off in 5 years) is suggested by either accounting standard or revised schedule VI of companies act.. Para 56(a) of AS-26 even clearly states that preliminary expenses(unless it is capitalized to fixed asset as per AS-10) should be written off in full in very first year. . There should not be any ambiguity in this regard at all..

Pl note that Companies Act requires every company to prepare P&L statement right from the date of incorporation and no exemption is provided to prepare the same till the date of start of commercial production. 

 

Pl refer EAC opinion on the subject published in February 2013 issue of CA journal which also clarifies treatment of preliminary & preoperative expenses.

 

Thanks

 

Dear All, One of My Friend had opened a private limited company on 3rd June 2013 with authorised & paid up capital of Rs 1,00,000/- There is no trading or commercial activity till date Apart from Share Capital, bank account & prelimnary expenses they have nothing to show in balance sheet They have not filed 20B, 23AC, 23ACA for financial Year 2013-2014 or any other forms to ROC apart from incorporation related forms They now want to close the company Kindly let me know what would be the step by step procedure to be done