30 March 2012
Sir, I wish to clarify a doubt regarding Company closure under FTE Scheme.
M/s. ABC Pvt Ltd has stopped the business on 31.03.2011. How it should prepare the Statement of Account while it has some assets & Liabilities (including Share capital & profit) i.e. Share Capital 500000 Profit Rs.(Cr) 100000
Fixed Assets Rs.500000 Sundry Debtors Rs.100000
Further whether the same person can sign the Statement of Account(as an auditor) & sign the eform FTE?
Under FTE, the company should not have any Assets and Liabilities other than Share Capital and Profit & Loss A/c in debit balance. The Auditor can sign on both the statement of accounts as well as in the form FTE to file with the concerned RoC.
02 April 2012
Sir, Thanks for your reply.However I need one more clarification.i.e. IF the company has positive figure in P & L A/c It can repaid the Share capital along with Profit.So finally it has no share capital & Nil balance for all ledgers.Is it legally acceptable?.
CAclubindia
