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First balance sheet of new company

Pravin Kumar (article) (166 Points)

12 March 2016

New private company registered on March-2016. When should first balance sheet be prepared???

Please help me

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4 Replies

1995paramesh (kjmj) (10 Points)
Replied 12 March 2016

The first will be FY March 2016 to March 2017. Reference: section 2(41) of the Companies Act 2013, which is reproduced below: �financial year�, in relation to any company or body corporate, means the period ending on the 31st day of March every year, and where it has been incorporated on or after the 1st day of January of a year, the period ending on the 31st day of March of the following year, in respect whereof financial statement of the company or body corporate is made up: Provided that on an application made by a company or body corporate, which is a holding company or a subsidiary of a company incorporated outside India and is required to follow a different financial year for consolidation of its accounts outside India, the Tribunal may, if it is satisfied, allow any period as its financial year, whether or not that period is a year: Provided further that a company or body corporate, existing on the commencement of this Act, shall, within a period of two years from such commencement, align its financial year as per the provisions of this clause