AUDIT OF LISTED COMPANIES
2.FOURTH SCHEDULE TO THE COMPANIES ORDINANCE,1984.
(Text of the fourth schedule is annexed)
The assets and liabilities shall be classified in the following order :-i)Fixed Assets.ii)Long Term Investments.iii)Long Term Loans and Advances.iv)Long Term Deposits, Prepayments and Deferred Costs.v)Current Assets.vi)Share Capital and Reserves.vii)Surplus on Revaluation of Fixed Assets.viii)Redeemable Capital.ix)Debentures and Long Term Loans.x)Liabilities against Assets Subject to Finance Lease.xi)Deferred Liabilities.xii)Long Term Deposits.xiii)Current Liabilities.xiv)Contingencies and Commitments.
-Profit & Loss Account
The income and expenditure shall be disclosed in the following order:i)The gross turnover and deductions therefrom in respect of commission, brokerage, discount.income from various sources.ii)Value of stock in trade as at the commencement and end of the financialyear.iii)Expenditure on*Stores and spares consumed.*Fuel and power.*Salaries, wages and benefits.*Rent, rates & taxes.*Insurance.*Repairs & maintenance.*Patents, copyrights, trade marks, designs, royalties and technicalassistance.iv)Auditors remuneration.v)Other expenses.vi)Amount provided for depreciation.vii)Various losses / expenditure including taxation.vii)Proposed dividend.
Cont’d P/G 3