Nil assets and nil liabilities means for a pvt. ltd. comapan

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VICKY SRIVASTAV (Querist)
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18 September 2012 Dear Sir(s),

For Closure a Pvt. Ltd. Company under Fast Track Exit (FTE) Mode, here required Nil Assets and Nil Liabilities.

How Balance sheet turn into Nil Assets and Nil Liabilities ?

Or, Nil Assets and Nil Liabilities means Zero B/S for a Pvt. Ltd. Co. ?

Pls, advise me sir(s) on Urgent basis

CA AYUSH AGRAWAL

CA AYUSH AGRAWAL (Expert)
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18 September 2012 No. There is requirement of having NIL Balance Sheet.
Means Nothing Can be Say Bank/Cash.

NIL Means Not Assets-Liablities
It Means All Balances NIL.

& How Turn:-

That You Have to Settle All Balances Regarding payables Receivables.

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