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Can we finalize Balance Sheet Without prepare Profit & Loss
Account.
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Answer Posted / lrksvs
During the normal course of business, it is not possible to
finalise Balance Sheet without preparing either Statement
of Profit & Loss or its equivalent for non-profit oriented
organisations ie., Income & Expenditure. However, in
certain typical circumstances, it is possible to finalise
the Balance Sheet without preparing any Statement of Profit
& Loss or its equivalent. For example in case of a Company
which has been recently incorporated and has not started
any commercial operation as its project construction is
still going on as at the end of the financial year, there
may not be any Statement of Profit & Loss or Income
&Expenditure Account, as the entire expenditure is debited
to the project cost and income, if any, is deducted from
the project cost. Therefore, in such a situation, the
Balance Sheet is finalised without preparing any Statement
of Profit & Loss
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