22 December 2014
Ok Fine. Got the Answer But Suppose a co. incorporate in a F.y but dont commence business in such F.y. Not open a Bank Account too. Can First auditor of such co. would not do audit for the 1st F.Y of such co. in which business has not been commenced
22 December 2014
Ok but how Balance Sheet would be Draw as Co. incorported on 21.03.14. No Bank Account opened up to 31.03.14 and no Cash Deposited by the Members in respect of Shares of Rs. 1 lac issued to them. What is the solution.
Definately we should go through the Law but law is also based on practical situations.
Sir plz advise Whether it is possible to draw Bal Sheet for F.Y 2014-15 onwards. Or there is a remedy for same.
22 December 2014
if there are no transactions then the balance sheet and p n l shall remain nil only nothing wrong in it as that is practical situation.
CAclubindia
