In this article we will discuss about the General Instructions for Preparation of Statement of Profit And Loss Account. I. The provisions of this part shall apply to the income and expenditure account referred to in sub-section (2) of section 210 of the Act, in like manner as they apply to a statement of profit and loss. II. In respect [...]
In this article we will discuss about the General Instructions for Preparation of Balance Sheet. A. Current Assets: 1. An asset shall be classified as current when it satisfies any of the following criteria; (a) It is expected to be realized in, or is intended for sale or consumption in, the company's normal operating cycle; (b) It is held primarily [...]
The officers and directors of a company under liquidation must, according to section 454 read with section 511 A, make out and submit, within 21 days of the Tribunal's order (or within such extended time, not exceeding 3 months, as the liquidator or the Tribunal may allow), a statement showing the following:— (a) The assets of the company, stating separately [...]