In this article we will discuss about:- 1. Introduction to Profit and Loss Account 2. Form of Profit and Loss Account 3. Statutory Requirements as to Profit and Loss Account. Introduction to Profit and Loss Account: The Indian Companies Act is silent as to the form of Profit and Loss Account. But Part II of Schedule VI contains a list [...]
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:
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 [...]