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 [...]
Final Accounts prepared under Double Account System consist of:- 1. Capital Account, i.e. Receipts and Expenditure on Capital A/c 2. General Balance Sheet 3. Revenue Account 4. Net Revenue Account. The Balance Sheet, in case of Double Account System, is split into two parts: (1) Capital Account, i.e., Receipts and Expenditure on Capital Account and (2) General Balance Sheet. (1) [...]
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: