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COMPANY ACOUNTS
What is a company account and how does it differ from a sole trader account?
A company account is a financial statement prepared for a corporate entity incorporated under the Companies Act, whereas a sole trader account is prepared for an individual business owner. Companies have separate legal identity, limited liability, and must follow statutory disclosure norms under Schedule III of the Companies Act 2013.
What is the minimum number of members required to form a public company?
Seven members are required to form a public company.
Which schedule of the Companies Act 2013 prescribes the format for company financial statements?
Schedule III of the Companies Act 2013 prescribes the format for the Balance Sheet and Statement of Profit and Loss for companies. It mandates specific line items, classification, and disclosure requirements for presenting financial information.
What is the minimum paid-up share capital required for a private company under Companies Act 2013?
No minimum paid-up capital is prescribed under Companies Act 2013.
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