Provisions of indian companies act regarding preparation of final accounts
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The Companies Act requires every company to prepare every year a Profit and Loss Account or Income and Expenditure Account and Balance Sheet of the end of the year – Final Accounts of company including Trading Account, Profit and Loss Account, Profit and loss Appropriation Account and Balance Sheet.
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Section 209 and 210 of the companies act specifies regarding preparation of final accounts. Section 2.9 to 217 of the Companies Act deals with the preparation and presentations of accounts by the company. ... The Act does not specify form to which the Profit and Loss Account to be presented.
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