In this article we will discuss about the accounting treatment of consolidated profit and loss account in the preparation of consolidated balance sheet, explained with the help of illustrations. Consolidated Profit and Loss Account: The consolidated Balance Sheet is prepared to show the financial position of the group. Similarly the object of preparing a consolidated Profit and Loss Account is [...]
Banking companies are required to prepare their Profit and Loss Account according to Form B in the Third Schedule. Form B is in a summary form and the details of various items are given in the Schedules. Form B is given below:
The Balance Sheet of a banking company is to be prepared in Form A given in Third Schedule to the Act. Unlike the previous form, the present one is devoid of details, the latter being shown in the schedules. RBI has given guidelines for compiling the balance sheet. Below are given Form A, the schedules there under and the instructions [...]