pl suggest the solution for the following case
the company doesnot hv revenue
it has only operating expenses.
is it required to prepare profit & loss A/C or is it enough to prepare only statement of expenses and prepare bal sheet.
if it is required to prepare P&l A/C as per which standard is is required to be prepared.
It is necessaory to prepare P&L as a practice. AS does not say anything abt P&L but speak only of B Sheet.
yes, as per the reuirements of the companies act, it is necessary to prepare the Profit and loss account, even though the company may nto have any profit.... The operating expenses to be shown and the loss should be carried to Accumulated Losses
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