Profit and loss account, Business Law and Ethics

Profit and Loss Account:

with s.148(1) the directors of every company shall, at some date not soon than eighteen months later than the incorporation of the company and subsequently once at least in every calendar year, thus lay just before the company in common meeting a profit and loss account for the period, then in the case of the first account, because the incorporation of the company there, and, in any other case, hence the preceding account.  The account shall be made up to a date not earlier than the date of the meeting by more than nine months or, further in the case of a company carrying on business or having interests abroad then through more than twelve months.

A company which does not trade for profit is required to lay an income and expenditure account instead of a profit and loss of account.  So hence the period during such that the accounts are to be laid before the general meeting may be extended by the registrar for any special reasons.

Posted Date: 1/15/2013 2:20:01 AM | Location : United States







Related Discussions:- Profit and loss account, Assignment Help, Ask Question on Profit and loss account, Get Answer, Expert's Help, Profit and loss account Discussions

Write discussion on Profit and loss account
Your posts are moderated
Related Questions
Part A A director has a duty to exercise care, skill and diligence at common law and also a statutory duty of care and diligence under s180 (1) Corporations Act 2001 (Cth) in c

Define the committee stage as parliamentary procedures. Committee Stage: Now the Bill is discussed and amended in detail through a committee made up of representatives in

WHAT WAS THE IMMUNITY FROM JURISDICTION   States are recognized as having authority over people, things and events within their own territory and therefore may exercise jurisdict

United Nations Convention on the Law of the Sea The rights over the sea were extended by the United Nations Convention on the Law of the Sea (UNCLOS) adopted in 1982. The UNCLO

Question 1: As a potential investment company you have been asked to brief your potential business partner about the most important steps required for the setting up of a hosp

Functions of Law: we discuss like, how can be utilized Functions of Law:;- are (i)         For Rules of law facilitate administration of justice.  It is an instrument used

Practical Consequences of Incorporation: In the course of delivering his judgment in Salomon's case Lord Halsbury stated that "once the company is incorporated, it must be tre

Tort law and Employment law: Pat, a builder, is an employee of Tom's. One day on site the scaffolding that Pat is standing on collapses and he suffers personal injuries. The s

Effects of an Order for Compulsory Liquidation: The effects of the order are follows as are: (a) the Official Receiver (an Official of the High Court whose duties relate ma

Alan and Brian wished to obtain tickets to the Football Cup Final at Hambley Park, but the owners of the stadium, Stein Ltd, did not wish to allow Alan and Brian to attend the mat