Companies Act 2013: Schedule III Part II Focus
Schedule III of the Companies Act, 2013, provides specific instructions for the preparation and presentation of financial statements for companies.
This Schedule is divided into two parts:
- Part I details the format for the Balance Sheet.
- Part II details the format for the Profit and Loss Account (also known as the Income Statement).
The question asks specifically about Schedule III, Part II. Based on the structure of Schedule III, Part II governs the Format of Profit and Loss Account.
Important Questions from The Companies Act, 2013
Match List I with List II:
List- I
List – II
A.
Appointment of auditors by CAG (I)
Section 139 (5) B.
Qualifications and disqualifications of auditors (II)
Section 141 C.
Powers-and duties of auditors (III)
Section 142 D.
Remuneration of auditors (IV)
Section 143
Choose the correct answer from the options given below -Which one of the following nature of business is suitable to a Dormant company?
Which of the following companies do not fall under a purview of Dormant company?
(A) Private company
(B) One person company
(C) Limited and unlimited liability companies
(D) Public company
(E) Government company
Choose the most appropriate answer from the options given below:
Given below are two statements: One is labelled as Assertion A and the other is labelled as Reason R.
Assertion (A): Provision is made to obtain the status of a ‘dormant company for a inactive company that doesn't trade.
Reasons (R): Dormant company doesn't trade but has significant accounting transaction.
In the light of the above statements, choose the most appropriate answer from the options given below -
Dormant company offers excellent advantage to which one of the following?
