A company is statutorily obligated to prepare final accounts under Section 210 of the Companies Act. The general principles for preparing final accounts are the same for joint stock companies, though they must conform to legal provisions in the Companies Act of 1956 regarding the form and content of final accounts. However, these requirements do not apply to insurance, banking, and electricity companies which are governed by special acts.
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Compay accounts
1. FINANCIAL STATEMENTS OF
COMPANIES
Statutory obligation to prepare final accounts
required by Section 210 of the Companies Act.
The general principles of preparing the final
accounts of Joint Stock Companies are the same.
A Joint Stock Company must confirm to certain
legal provisions as given in the Companies
Act,1956 in respect to form and contents of the
final accounts.
It does not apply to Insurance, banking and
electricity companies which are governed by
Special Acts.