Question

format of financial statements of electricity companies are laid down in ?​

Answer 1

The format of financial statements of electricity companies is laid down in  The Companies Act, 1956.

Explanation:

• Enacted in 1956, the Companies Act permitted companies to be shaped by registration and described the accountabilities of companies, their directors, and secretaries.

• The Act was directed by the Indian government via the Offices of Registrar of Companies and the Ministry of Corporate Affairs, Official Liquidators, Company Law Board, Public Trustee, Director of Inspection, etc.  

• As per Schedule VI of the Companies Act, 1956, the Electricity Companies shall formulate their accounts for the rationale of informing their shareholders.