24. Final account of companies

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 :

  1. Share Holders’
    Funds
    (a) Capital
    (b) Reserves &
    Surplus
  2. Loan Funds :
    (a) Secured Loans
    (b) unsecured Loans
    II. Application of
    Funds :
  3. Fixed Assets :
    (a) Gross Block
    (b) Less: Depreciation
    (c) Net Block
    (d) Capital: Work
    in-Progress
  4. Investments
  5. Advances
    (a) Inventories
    (b) Sundry Debtors
    (c) Cash & Bank
    Balances
    (d) Other Current
    Assets
    (e) Loans and
    Advances
  6. Less current liabili-
    ties & provisions
    (a) Liabilities
    (b) Provisions
    Net Current Assets
  7. (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.
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