Skip to content

CMA Intermediate · Corporate Accounting and Auditing · Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013)

A Producer Company's balance sheet and profit and loss account are required by section 378ZE to be prepared in what manner?

They must be prepared, as far as may be, in accordance with section 129. Section 378ZE(2) links Producer Company financial statements to the general financial statement provisions, rather than leaving the form to members or the Registrar.

  1. AAs far as may be, in accordance with section 129Correct
  2. BOnly in the form decided by its members at the annual general meeting
  3. CIn a form prescribed by the Registrar for each year
  4. DExactly as for a foreign company under section 381

Explanation

Section 378ZE(2) provides that the balance sheet and profit and loss account of a Producer Company shall be prepared, as far as may be, in accordance with section 129. It makes no reference to the Registrar or to section 381.

Did you get it right without looking?

One question tells you little. A timed set on Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013) shows your real accuracy, how long you take and where you lose marks.

Practise Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013)Free diagnostic mock

More Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013) questions