Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XVI. Balance street and audit

Collection:: Economics Books

CHAPTER XVI BALANCE SHEET AND AUDIT PRIOR to the passing of the Companies Act, 1928, the Statutes imposed obligations as to audit, but contained few provisions as to the contents of a balance sheet, and the only reference to the forms of the accounts was to be found in Article 103, Table A, the adoption of which was not obligatory. The Companies Act, 1928, contained specific provisions dealing with both accounts and balance sheet, and these provisions have been repeated in the Act of 1929. The provisions as to accounts are contained in s. 122, to which reference has been made on p. 166. The provisions as to profit and loss account and balance sheet are mainly contained in ss. 123 to 130; but reference must also be made to ss. 44, 45, 46, 47, 54 and 75. The directors must once a year lay before the company in general meeting a profit and loss account and a balance sheet made up to the same date as the profit and loss account. The general meeting to consider the first profit and loss account and balance sheet must be held within eighteen months of the incorporation of the company. Each account must be made up to a date not more than nine months earlier than the date fixed for the meeting at which it is to be considered or in the case of a company having interests abroad not more than twelve months earlier. The Board of Trade has, however, power to extend any of the above-mentioned periods. In the case of a company not trading for profit an income and expenditure account will take the place of the profit and loss account (s. 123). The obligations im- posed by this section apply to all companies, whether public or private, and whether or not they have a share capital. Every balance sheet must: (i) Contain a summary of the authorised share capital and of the issued share capital of the company, its liabilities and assets together with such particulars as are neces- sary to disclose the general nature of such liabilities and assets and to distinguish between the amounts respectively of the fixed assets and the floating assets. Profit and Loss Account and Balance Sheet. Contents of Balance Sheet.

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