31 August 2010
Dear Experts, Very Urgent Sir!! Thanks for everyone who replies!!! I am going to audit a new private limited company which is just started. I have the following doubts in that please provide me the answers. 1) Please provide me the format of Schedule VI of the Companies Act. 2) What are all the applicable standards for it.( It is neither a holding company nor a subsidiary one) Specially whether AS-3 (Cash Flow Statement applies for it) 3) Since this is the first year there might be loss for the year, so should i have to provide Deferred Tax Asset. 4) Is there minimum amount of share capital which the company has to register itself as private limited company? 5) Please provide me the section which deals with prelimnary expenses write off as per Companies Act. With regards, Rajesh.
02 September 2010
1) Pls refer to http://www.vakilno1.com/bareacts/companiesact/companiesacts5.htm 2)Refer to WIRC Manual.AS 3 will be applicable. 3) deferred tax assets can be provided in case there is a guarantee that in future this asset can be utilised. 4)Pls refer to Sec 3 of Companies' Act
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