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ACCOUNTING FOR LIMITED COMPANIES

ACCOUNTING FOR LIMITED COMPANIES

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Published by: PUTTU GURU PRASAD SENGUNTHA MUDALIAR on Aug 29, 2008
Copyright:Attribution Non-commercial

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01/09/2014

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Preparation of FinancialPreparation of FinancialStatements of LimitedStatements of LimitedCompaniesCompanies
P. GURU PRASADP. GURU PRASADFACULTY MEMBERFACULTY MEMBERINC GUNTURINC GUNTUR
 
 
General requirements of the companies actGeneral requirements of the companies act
The joint stock companies, are legally requiredThe joint stock companies, are legally requiredto prepare a set of financial statements toto prepare a set of financial statements toperiodically assess the profits earned and toperiodically assess the profits earned and toknow the financial position of the company as onknow the financial position of the company as ona specified date.a specified date.
In the case of companies registered under theIn the case of companies registered under thecompanies act the act specified the books of companies act the act specified the books of accounts to be maintained and also prescribesaccounts to be maintained and also prescribesthe format and content of the financialthe format and content of the financialstatements.statements.
 
 
General requirements of the companies actGeneral requirements of the companies act
The legal requirement laid down by theThe legal requirement laid down by thecompanies act, there fore assumes a greatcompanies act, there fore assumes a greatimportance in the preparation of the financialimportance in the preparation of the financialstatements of a join stock company.statements of a join stock company.
In addition , the accounts must be statutorilyIn addition , the accounts must be statutorilyaudited by an external person called the auditor audited by an external person called the auditor and it is the duty of the auditor to submit a reportand it is the duty of the auditor to submit a reportin the prescribed format to the shareholdersin the prescribed format to the shareholders

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/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->