The final account of a company consists of (a) Balance Sheet disclosing the financial position at the end of financial year, and (b) Profit & Loss Appropriation Account (or Income & Expenditure Account in the case of a company carrying on business not for profit) disclosing the result of operations of the company for the period covered by the financial year.
The financial year of a company is the period for which profit and loss account of a company is prepared. Such a financial year may be more or less than a calendar year but it shall not exceed 15 months unless the registrar grants a special permission in which case it may extend up to 18 months.
Format of Balance Sheet
(Vertical Form)
Balance Sheet of M/s………
As on………..
Particulars Schedule Figures Figures
No. of the of the
current previous
year year
Amount Amount
Rs. Rs.
I. Sources of
Funds :
- Share Holders’
Funds
(a) Capital
(b) Reserves &
Surplus - Loan Funds :
(a) Secured Loans
(b) unsecured Loans
II. Application of
Funds : - Fixed Assets :
(a) Gross Block
(b) Less: Depreciation
(c) Net Block
(d) Capital: Work
in-Progress - Investments
- Advances
(a) Inventories
(b) Sundry Debtors
(c) Cash & Bank
Balances
(d) Other Current
Assets
(e) Loans and
Advances - Less current liabili-
ties & provisions
(a) Liabilities
(b) Provisions
Net Current Assets - (a) Miscellaneous
Expenditure to the
Extent Not to be written
off or adjusted.
(b) Profit & Loss
Account
Total
Note : Details under each of the above terms is given by way of a Separate Schedule—the schedule incorporates all the requisite information.
