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Section 211 of companies act 1956

Final 2094 views 2 replies

hardik majithiya

CA FINAL STUDENT

340 Points Joined February 2012

I have query regarding section 211 of companies act , 1956. In 17th addition of corporate and allied laws for CA FINAL of munish bhandari,it is written that on page 4.6 , point 4 , form of balance sheet and profit and loss account

in same form (either in horizontal or vertical form)
if company has still option of horizontal form form form balance sheet after incorporation of revised schedule VI?

no format prescribed for profit and loss account
but in revised schedule VI , form is prescribed.

Now what should be written by students in exam?

Replies (2)

Sathish M

Management Accountant

40581 Points Joined June 2010

Your answer should be based on Revised Schedule vi. Yes, as per the revised schedule a company is permitted to follow only vertical form of balance sheet and as far as statement of profit or loss, a format has been prescribed and a company ought to follow the same.