Yogesh (Executive) (105 Points)
15 January 2016A private limited company is incorporated in January 2015. It has to apply for certain application. The application require disclosure of net worth. How can one calculate net worth if the company has not yet filed its income tax return and its balance sheet and profit and loss is not prepared for the year ending March 2015?
JOJY THOMAS
(CHARTERED ACCOUNTANT)
(295 Points)
Replied 16 January 2016
Net worth= sharecapital +reserves and surplus ( Profit/Loss as per PL Account) ,.Prepare the PL based on the available data and ascertain the profit/loss and the total will be the networth
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 18 January 2016
Agree with Jojy... U have to prepare a draft for calculation.
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