Final Accounts of

Companies
IPCC Paper 1: Accounting
Chapter 2: Financial Statements of Companies

CA. Pankajj Goel

Learning Objectives

Adjustments for Dividend

Managerial Remuneration

Adjustments for Taxation

Preparation of Final Accounts

as per Revised Schedule VI

Adjustments for Dividend

3

Concept 1

Step 1: Propose/ Recommend Dividend in

Board Meeting

Profit & Loss Appropriation A/c Dr.

To Proposed Dividend
To Corporate Dividend Tax
4

Board of Directors Recommendation

Dividend can be declared only on the

recommendation of the Board of Directors of the
Company.
The shareholders do not have any power to declare
any dividend.
The Board of Directors after considering and approval
of the financial statements of the Company,
determines the rate of dividend to be declared and
then recommends the same to the shareholders.
For this purpose, a Board Meeting shall be convened to
pass the resolution for

Rate of dividend and the amount of dividend to be paid.

Book closure date for dividend purposes
Date of annual general meeting
Bank with which the account shall be opened for the purpose
of remittance of dividend.

Step 2:

Proposed Dividend
approved By AGM

Proposed Dividend A/c

To Dividend Payable A/c

Dr
6

Approval by the Shareholders

The dividend recommended by the Board of

Directors is declared by a resolution passed at the
Annual General Meeting by the shareholders.
The declaration of dividend should form part of an
ordinary business item to be transacted in the notice of
the Annual General Meeting.
While approving the rate of dividend at the Annual
General Meeting, the shareholders have power to
declare a lower rate of dividend than what is
recommended by the Board but they have no power
to increase the amount or the rate of dividend so
recommended by the Board of Directors.
Dividend when declared becomes debt against the
company

Step 3: Open New Bank Account

Such that money is not used for any other purpose.
This is like transferring from SBI to PNB

DIVIDEND BANK A/C DR

TO BANKA/C
DIVIDEND

Dividend Deposited in Separate Bank A/c

1. The Company should deposit the dividend amount

2.

3.

(including interim dividend) within 5 days of its

declaration in the separate bank account opened
for this purpose
It means that the interim dividend will have to be
deposited in a bank account within 5 days of the
Board Meeting whereas final dividend will have to
be deposited within 5 days from the date of
Annual General Meeting in which it was approved
by the shareholders
Also Section 205 (1B) stipulates that the amount
so deposited shall be used only for the purpose of
payment of dividend (whether interim or final)

Statutory Transfer to Reserves

If the company wants to declare dividend exceeding

the prescribed % then it must transfer a prescribed
% to General reserve out of the profit before
declaration of dividend. Such % is:

Dividend Rate

Transfer to GR

0 To 10%

Nil

>10% To 12.5%

2.5% of Profit after Tax

>12.5% To 15%

5% of Profit after Tax

>15% To 20%

7.5% of Profit after Tax

Above 20%

10% of Profit after Tax

Rate of dividend is calculated on paid up capital but

transfer to reserve is calculated on PAT.

10

Adjustment for Dividend

STEP 4- Issue of Cheque For Payment Of

Dividend
DIVIDEND PAYABLE a/c DR
TO DIVIDEND BANK A/C

DIVIDEND

11

Example 1
12

Concept 1

Practice Manual - IPCC Group 1

The Articles of Association of S Ltd. provide the
following:
1. That 20% of the Net Profit of each year shall be
transferred to Reserve Fund
2. That an amount equal to 10% of Equity Dividend
shall be set aside for staff bonus
3. That the Balance available for distribution shall be
applied:
a) In paying 14% on Cumulative Preference Shares
b) In paying 20% dividend on Equity Shares
c) One-third of the balance available as additional

dividend on Preference Shares and two-third as

additional Equity Dividend

13

Practice Manual - IPCC Group 1 (Cont.)

A further condition was imposed by the articles viz. that the

balance carried forward shall be equal to 12% on preference
shares after making provisions (i), (ii) and (iii) mentioned above.

The company has issued 13,000, 14% cumulative participating

preference shares of ` 100 each fully paid and 70,000 equity
shares of ` 10 each fully paid up.

The profit for the year 2012 was ` 10,00,000 and balance
brought from previous year ` 80,000.

Provide ` 31,200 for depreciation and ` 80,000 for taxation

before making other appropriations.

Prepare Profit and Loss Account below the line. As per revised
Schedule VI, Statement of Profit is to be prepared upto profit for
the current year only.
14

Working Note:
Balance of amount available for Preference and Equity
shareholders and Bonus for Employees

9,68,800

Credit Side
Less: Dr.
side
[1,77,760
+
1,82,000+1,40,000+14,000 + 1,56,000]
Suppose remaining balance will be = x
Suppose preference shareholders will get share from remaining balance =
Equity shareholders will get share from remaining balance = x 2 2 x
3 3
Bonus to Employees = 2 x 10 2 x
3 100 30
2
1
2
Now,
x x
x 2,99,040
3
3
30
32 x = 89,71,200
x = 89,71,200/32 = ` 2,80,350
Share of preference shareholders - ` 2,80,350
= ` 93,450
Share of equity shareholders - ` 2,80,350 = `
1,86,900
Bonus to employees - ` 2,80,350 = ` 18,690

6,69,760
2,99,040
1 1
x x
3 3

15

Solution

Statement of Profit and Loss (below the line)

(A draft)for the year ended 2012
a
b
c
d
e
f
g

Particulars
Profit
Expenses:
Depreciation and amortization expense
Total expenses
Profit before tax
Provision for tax
Profit (Loss) for the period
Balance of Profit and Loss account brought forward
Total
Appropriations
Transfers to Reserves
Proposed preference dividend (1,82,000 + 93,450)
Proposed equity dividend (1,40,000 + 1,86,900)
Bonus to employees (14,000 + 18,690)
Total
Balance carried to Balance sheet (f-g)

`
10,00,000
(31,200)
(31,200)
9,68,800
(80,000)
8,88,800
80,000
9,68,800
(1,77,760)
(2,75,450)
(3,26,900)
(32,690)
(8,12,800)
1,56,000

16

Solution - Contd:

Balance of Profit and Loss account brought forward

f

Total

Appropriations

9,68,800

Transfers to Reserves

(1,77,760)

Proposed preference dividend (1,82,000 + 93,450)

(2,75,450)

Proposed equity dividend (1,40,000 + 1,86,900)

(3,26,900)

Bonus to employees (14,000 + 18,690)

Total
h

80,000

Balance carried to Balance sheet (f-g)

(32,690)
(8,12,800)
1,56,000
17

Adjustments for Managerial

Remuneration
18

Concept 2:

Cases of Managerial Remuneration

19

Case 1: Inadequate Profits

Effective Capital

Maximum remuneration
payable per month

Less than Rs.1 Crore

75,000

Rs. 1 Crore or more but

less than 5 Crores

1,00,000

Rs. 5 Crores or more but

less than 25 Crores

1,25,000

Rs. 25 Crores or more but

less than 100 Crores

1,50,000

Above 100 Crores

2,00,000

20

Effective Capital

Total of
Paid -up Share Capital
(excluding share application
money or advances)
Share Premium Account
Balance
Reserves and Surplus
(Excluding Revaluation
Reserve)
Long Term Loans and Deposits
repayable after 1 Year

Less
Investment (except
investment by an
investment company)
Accumulated losses
Preliminary expenses Not
written off

Effective
Capital

The LT Loans/ Deposits should be excluding working capital loans , overdrafts , interest due
on loans unless funded , bank guarantee etc. and other short -term advances

21

Example 2
22

Concept 2

Study Material-IPCC Group 1

The following extract of Balance Sheet of X Ltd. was obtained:
Balance Sheet (Extract) as on 31st March, 2011
Liabilities
Authorised capital:
20,000, 14% preference shares of ` 100
2,00,000 Equity shares of ` 100 each
Issued and subscribed capital:
15,000, 14% preference shares of ` 100 each fully paid
1,20,000 Equity shares of ` 100 each, ` 80 paid-up
Share suspense account
Reserves and surplus
Capital reserves (60% is revaluation reserve)
2,50,000

`
20,00,000
2,00,00,000
2,20,00,000
15,00,000
96,00,000
20,00,000

23

Study Material-IPCC Group 1

Securities premium
Secured loans:
15% Debentures
Unsecured loans:
Public deposits
Cash credit loan from SBI
Current Liabilities:
Sundry creditors
Assets:
Investment in shares, debentures, etc.
Profit and Loss account
Preliminary expenses not written off

50,000
65,00,000
3,70,000
4,65,000
3,45,000
75,00,000
15,25,000
55,000

Share suspense account represents application money received on shares,

the allotment of which is not yet made.
X Ltd. has been sustaining loss for the last few years. X Ltd. has only one
whole-time director. Find out how much remuneration X Ltd. can pay to its
managerial person as per the provisions of Part II of Schedule XIII. Would
your answer differ if X Ltd. is an investment company?

24

Solution: Computation of Dffective Capital

Particulars

Where X Ltd. is
a noninvestment Co.

Where X Ltd. is an
investment Co.

15,000, 14% Preference shares

15,00,000

15,00,000

1,20,000 Equity shares

96,00,000

96,00,000

1,00,000

1,00,000

50,000

50,000

15% Debentures

65,00,000

65,00,000

Public Deposits

3,70,000

3,70,000

1,81,20,000

1,81,20,000

Capital reserves
Securities premium

(A)

25

Solution: Computation of Dffective Capital - 2

Particulars

Where X Ltd. is a
non-investment Co.

Investments

75,00,000

Profit and Loss account

(Dr. balance

15,25,000

15,25,000

55,000

55,000

(B)

90,80,000

15,80,000

Effective capital (AB)

90,40,000

1,65,40,000

Monthly remuneration
shall not exceed

75,000

1,00,000

Preliminary expenses
not written off

Where X ltd. is an
investment Co.

26

Case: Adequate Profits

Overallmanagerialremunerationnotto
exceed11%oftheNetProfitoftheF.Y.
Butexceptwiththepreviousapprovalof
thecentralgovernmenttheremuneration
shallnotexceed:
IfonewholetimeDirector:

IfMorethanonewholetimeDirector:
IfOnlyPartTimeDirectors:
IfparttimedirectorsaswellasWhole
TimeDirectorsandManagers:

5%
10%
3%
11%
27

Managerial Remuneration- Net profit

Net profit as per P & L account
Add: ALL Provisions including reserves made in books

xxxx

xxxx
Add: Managerial remuneration (if debited to P & L account)
xxxx
Add: Depreciation charged in books
xxxx
Less: Depreciation as per schedule XIV
xxxx
Less: Actual expenditures (not debited to P&L account)
xxxx

Book profit as per Schedule XIII

xxxx

28

Example 3
29

Concept 2

Study Material
The following is the Profit & Loss A/c of Mudra Ltd., the year ended 31st March, 2011
To Administrative, Selling and
distribution expenses
8,22,542
Donation to charitable funds 25,500
Directors fees
66,750
Interest on debentures
31,240
Compensation for breach of
contract
42,530
Managerial remuneration
2,85,350
Depreciation on fixed assets 5,22,543
Provision for Taxation
12,42,500
General Reserve
4,00,000
Investment Revaluation Reserve12,500
Balance c/d
14,20,185
48,71,640

By Balance b/d
5,72,350
Balance from Trading A/c
40,25,365
Subsidies received from Govt.
2,32,560
Interest on Investments
15,643
Transfer fees
722
Profit on sale of
Machinery:
Amount realised
55,000
25,000
Written down value
30,000

48,71,640
30

Contd:
Additional Information:
(1)

Original Cost of the machinery sold was ` 40,000

(2)

Depreciation on fixed assets as per Schedule XIV of the

Companies Act, 1956 was ` 5,75,345.

You are required to comment on the managerial remuneration in the

following situations:
(a)

there is only one whole time director;

(b)

there are two whole time directors;

(c)
there are two whole time directors, a part time director and a
manager.

31

Solution:

Calculation of net profit u/s 349 of the Companies Act, 1956

`
`
Balance from Trading A/c
Add : Subsidies received from Government
Interest on investment
Transfer fees
Profit on sale of machinery (40,000 30,000)

40,25,365
2,32,560
15,643
722
10,000

2,58,925
42,84,290

Less : Administrative, selling and distribution expenses

8,22,542

32

Contd:
Donationtocharitablefunds

25,500

Directorsfees

66,750

Interestondebentures

31,240

Compensationforbreachofcontract

42,530

DepreciationonfixedassetsasperScheduleXIV
Profitu/s349

5,75,345 15,63,907
27,20,383

Situation
(a) When there is only one whole time director:
Managerial remuneration = 5% of ` 27,20,383

= ` 1,36,019

(b)When there are two whole time directors :

Managerial remuneration =10% of ` 27,20,383

= ` 2,72,038

(c) When there are two whole time directors, a part time director and a manager:
Managerial remuneration = 11% of ` 27,20,383

= ` 2,99,242
33

Contd:
Comment : In situations (a) and (b) since managerial remuneration as per Profit and Loss
account ` 2,85,350 exceeds the maximum amount payable, the company should obtain
permission under Section 309(3) for such excess payment

34

Adjustment For Taxation

35

Concept 3

Objective of this Adjustment

This adjustment deals with the treatment of

Provision for taxation and advance tax while
finalising the accounts
Once Tax assessment is done, then how these
adjustment are dealt with

36

Provision for Taxation and Advance tax

Provision of tax for the year

P&L Account
Dr
To Provision for Taxation

Payment of Advance tax during the year

Advance Tax Account
Dr
To Bank Account

37

Example 4
38

Concept 3

Example 4
The trial balance of Sona Ltd. as at 31 March 2006 shows the
following terms:

Provision for Taxation: 5,40,000(Cr)

Advance Payment of Tax

10,50,000(Dr)

You are also given the following information :

1.

Advance payment of tax includes Rs. 6,20,000 for 2004-05

2.

Assessment for 2004-05 is completed in 2005-06 and the

actual tax liability amounts to Rs. 6,45,000 and no payment
has been made so far for the same

3.

For the financial year 2005-06, provision for income tax

required is Rs. 7,50,000.

Make journal entries and prepare the various ledger accounts

affected.

39

Solution
1.

Profit and Loss Appropriation Account Dr.

1,05,000
To Provision for Taxation Account
1,05,000
(Being the additional amount for tax appropriated
on completion of the assessment for 2004-05)

2.

Provision for Taxation Account Dr.

6,45,000
To Advance Tax Account
6,20,000
To Liability for Taxation Account
25,000
(Provision for taxation adjusted against advance tax and
balance transferred to liability for taxation account)

3.

Profit and Loss Account Dr.

To Provision for Taxation Account
(Estimated tax liability for 2005-06 provided)

7,50,000
7,50,000
40

Solution: Page 2

Ledger Accounts
Provision for Taxation Account
Rs.
31.03.2006
Advance Tax Account
Liability for Tax Account
Balance c/d

Rs.

01.04.2005
6,20,000 Balance b/d
5,40,000
25,000 31.03.2006
7,50,000 Profit and Loss Appropriation
1,05,000
Account (Excess Amount payable)
Profit and Loss Account
7,50,000
(Estimated liability for 2005-06)
13,95,000
13,95,000

41

Solution: Page 3

Advance Tax Account

Rs.
31.03.2006
Balance as per T.B.

Rs.

31.03.2006
10,50,000 Provision for Taxation Account
Balance c/d
10,50,000

6,20,000
4,30,000
10,50,000

Liability for Taxation Account

Rs.
31.03.2006
Balance c/d

31.03.2006
25,000 Provision for Taxation Account

Rs.
25,000

42

Preparation of Final AccountsAs per Revised Schedule VI

43

Concept 4.

Guidelines as per Revised Schedule VI

Every Balance Sheet shall be in the form set out
in Part I of Revised Schedule VI
Every Profit and Loss account shall comply with
the requirements of Part II of Revised Schedule VI
This is not applicable to Banking co., Insurance co.
and companies engaged in generation and supply
of electricity.
Applicability

Effective from 1.4.2011

Accounting period starting on or after 1.4.2011

44

Framework of Revised Schedule VI

General Instructions
1.
Part 1
1.
2.

2.

Form of Balance Sheet

General Instructions for preparation of
Balance Sheet

Part 2
1.
2.

Form of Statement of Profit and loss

General Instructions for preparation of
Statement of Profit and Loss
45

Revised Schedule VI vs Old Schedule VI

For Balance sheet

Format of Profit and Loss Account

Is also available now

Part III

Only vertical format is now available

Interpretation- containing explanation of provisions,

reserve etc. is not given now

Part IV

Balance Sheet Abstract and Cos General Business

Profile is not required to be given
46

Basic Points as per Revised Schedule VI

Rounding Off

< ` 100 crores

To the nearest hundreds, thousands, lakhs or

millions, or decimals thereof.

> = ` 100 crores

To the nearest, lakhs, millions or crores, or

decimals thereof.

47

Form of Balance Sheet (Part 1)

Particulars

Note
No.

Figures as at the end

of the current
reporting period

Figures as at the end of

the previous reporting
period

I. EQUITY AND LIABILITIES

(1)

Shareholders Funds
(a) share capital
(b) Reserve and Surplus
(c) Money received against share
warrants

1
2

(2) Share application money pending allotment

(3) Non-current liabilities

(a) Long term borrowings
(b) Deferred tax liabilities (net)
(c) Other long term liabilities
(d) Long term provisions

4
5
6
7

(4) Current Liabilities

(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short term provisions

8
9
10
TOTAL

48

Current Liability - Definition

Criteria to be met to classify as Current Liability

Expected to be settled in the cos normal operating cycle,
Due to be settled within twelve months after the reporting
date,
Held primarily for the purpose of being traded or
There is no unconditional right to defer settlement for at
least 12 months after the reporting date.

Operating Cycle

Time between the acquisition of assets for processing

and their realisation in cash or cash equivalents. If can
not be identified- duration of twelve months.

All other Liabilities are classified as Non-Current

Liabilities.
49

Form of Balance Sheet (Part 1)

Particulars

Note
No.

Figures as at the end

of the current
reporting period

Figures as at the end of

the previous reporting
period

II. ASSETS
(1)

Non-current assets

(a) fixed assets

(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non- current investments
(c) Deferred tax assets (Net)
(d) Long term loans and advances
(e) Other non-current assets

11
12

13
14
15

(2) Current assets

(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short term loans and advances
(f) Other current assets

16
17
18
19
20

TOTAL

50

Current Assets-Definition

Criteria to be met to classify as current asset:

Expected to be realise in or intended for sale or
consumption in normal operating cycle of the co.,
Held primarily for the purpose of trading,
Expected to be realised within 12 months from the closing
date or
It is cash or cash equivalent.

Operating cycle time between the acquisition of

assets for processing and their realisation in cash
or cash equivalents. If can not be identifiedduration of twelve months.
All other assets shall be classified as non-current.

51

Form of Statement of Profit and loss

52

Form of Statement of Profit and Loss - Contd:

53

Expenses

1.
2.
3.

Cost of material consumed

Purchase of stock-in-trade
Changes in inventories of finished goods, Workin-progress and stock in trade

4.
5.
6.
7.

Employee benefit expenses

Finance cost
Depreciation and amortisation expenses
Other expenses.

54

Additional Information by way of Notes

In

In

respect of Contingent Liabilities

Claims against the co not acknowledged as debts
Guarantees
Other moneys for which co is contingently liable

respect of Commitments
Estimated amount of contracts remaining to be
executed on capital account and not provided for
Uncalled liability on shares and other investments
partly paid
Other commitments

In

respect of Proposed Dividend to Equity and

Preference Shareholders

55

Example 5 on Concept 4
56

Study Material
You are required to prepare financial statements from the following
trial balance of Haria Chemicals Ltd. for the year ended 31st March, 2012.
Haria Chemicals Ltd.
Trial Balance as at 31st March, 2012
Particulars
Stock
Furniture
Discount
Loan to Directors
Advertisement
Bad debts
Commission
Purchases
Plant and Machinery

`
6,80,000
2,00,000
40,000
80,000
20,000
35,000
1,20,000
23,19,000
8,60,000

Particulars
Equity Shares
Capital (Shares of ` 10 each)
11% Debentures
Bank loans
Bills payable
Creditors
Sales
Rent received
Transfer fees

`
25,00,000
5,00,000
6,45,000
1,25,000
1,56,000
42,68,000
46,000
10,000

57

Contd:
Rentals
Current account
Cash
Interest on bank loans
Preliminary expenses
Fixtures
Wages
Consumables
Freehold land
Tools & Equipments
Goodwill
Debtors
Bills receivable
Dealer aids
Transit insurance
Trade expenses
Distribution freight
Debenture interest

25,000
45,000
8,000
1,16,000
10,000
3,00,000
9,00,000
84,000
15,46,000
2,45,000
2,65,000
2,87,000
1,53,000
21,000
30,000
72,000
54,000
20,000

Profit & Loss

account
Depreciation
provision :
Machinery

1,39,000

1,46,000

Additional information : Closing stock on 31-3-2012: ` 8,23,000.

58

Solution
Solution
Haria chemicals Ltd.
Balance Sheet as at 31st March, 2012
Schedule
No.
(1)

Rupees as at
the end of
31st March 2012
(2)
(3)

Equity and Liabilities

(1)

(2)

Shareholders funds :
(a)

Capital

25,00,000

(b)

Reserves and Surplus

7,40,000

11,45,000

2,81,000

Non Current Liabilities

(a)

Secured loans
Long term borrowings

(3)

Current Liabilities
(a)

Total

Trade payables

46,66,000

59

Contd:
Assets
(1) Non current assets
Fixed Assets :
(a)

Tangible assets

32,70,000

(2) Current assets

(a)

Inventories

8,23,000

(b)

Trade receivables

2,87,000

(c)

Cash and cash equivalents

53,000

(d)

Short term loans and advances

2,33,000

(e)

Other current assets

10,000
60

Contd:
Assets
(1) Non current assets
Fixed Assets :
(a)

Tangible assets

32,70,000

(2) Current assets

(a)

Inventories

8,23,000

(b)

Trade receivables

2,87,000

(c)

Cash and cash equivalents

53,000

(d)

Short term loans and advances

2,33,000

Total
46,66,000

61

Solution
Haria Chemicals Ltd.
Profit and Loss Account for the year ended 31st March, 2012
Schedule Figures as at

No.
the end of
31st March 2012

Revenue from operations

Other income

42,68,000
8

56,000
43,24,000

Expenses
Cost of materials consumed

21,76,000

Manufacturing & other expenses

10

14,01,000

Interest & other financial charges

11

1,36,000

Preliminary expenses

10,000
37,23,000

62

Contd:

Profit before tax

6,01,000

Provision for tax

Profit after tax

6,01,000

Balance of profit and loss

account brought forward

1,39,000

Balance carried to balance sheet

7,40,000

63

Contd:

Notes to Accounts

Share capital

Authorised :
Equity share capital of ` 10 each

25,00,000

Issued and Subscribed :

Equity share capital of ` 10 each

25,00,000

2. Reserves and Surplus

Balance as per last balance sheet

1,39,000

Balance in profit and loss account

6,01,000
64

Contd:

3. Long term Borrowings11% Debentures

Bank loans

5,00,000
6,45,000
11,45,000

4 Trade payables
Creditors

1,56,000

Bills payable

1,25,000
2,81,000

65

Contd:

Notes to Accounts

5. Tangible Assets
Gross block
Goodwill

Depreciation

Net Block

2,65,000

2,65,000

15,46,000

15,46,000

Furniture
Fixtures

2,00,000
3,00,000

2,00,000
3,00,000

Plant & Machinery

Tools & Equipment

8,60,000
2,45,000

1,46,000

7,14,000
2,45,000

34,16,000

1,46,000

32,70,000

Freehold land

Total

66

Contd:

6. Cash and cash equivalents

Current account balance
Cash
7. Short-term loans and Advances
Loan to directors
Bills receivable
8.

Other Income
Rent received
Transfer fees
56,000

45,000
8,000
53,000
80,000
1,53,000
2,33,000
46,000
10,000
67

Contd:

9.

Notes to Accounts

Cost of materials consumed

Opening stock
Add: purchases
Less: Closing stock

10. Manufacturing and Other Expenses

Consumables
Wages
Bad debts
Discount
Rentals
Commission
Advertisement
Dealers aids
Transit insurance
Trade expenses
Distribution freight

6,80,000
23,19,000
8,23,000
21,76,000
84,000
9,00,000
35,000
40,000
25,000
1,20,000
20,000
21,000
30,000
72,000
54,000
14,01,000

68

Lesson Summary

Preparation of Final Accounts of Companies as per

Revised Schedule VI
Various adjustments in regard to preparation of
Final Accounts

69

Thank You
70