1984 Ed.]
Companies
[CAP. 32
357
TENTH SCHEDULE
ACCOUNTS
Preliminary
1. Paragraphs 2 to 12 apply to the balance sheet and 13 to 17 to the profit and loss account, and are subject to the exceptions and modifications provided for by Part II in the case of a holding or subsidiary company and by Part III in the case of companies of the classes there mentioned; and this Schedule has effect in addition to the provisions of sections 161 to 161C of this Ordinance.
PART I
GENERAL PROVISIONS AS TO BALANCE SHEET AND PROFIT AND LOSS ACCOUNT
2.
Balance Sheet
The authorized share capital, issued share capital, liabilities and assets shall be summarized, with such particulars as are necessary to disclose the general nature of the assets and liabilities, and there shall be specified ---
(a) any part of the issued capital that consists of redeemable preference shares, the earliest and latest dates on which the company has power to redeem those shares, whether those shares must be redeemed in any event or are liable to be redeemed at the option of the company and whether any (and, if so, what) premium is payable on redemption;
(b) so far as the information is not given in the profit and loss account, any share capital on which interest has been paid out of capital during the financial year, and the rate at which interest has been so paid;
(c) the amount of the share premium account:
(d) particulars of any redeemed debentures which the company has power to reissue.
3. There shall be stated under separate headings, so far as they are not written off,-
(a) the preliminary expenses;
(b) any expenses incurred in connexion with any issue of share capital or debentures;
(c) any sums paid by way of commission in respect of any shares or debentures:
(d) any sums allowed by way of discount in respect of any debentures; and
(e) the amount of the discount allowed on any issue of shares at a discount.
4. (1) The reserves, provisions, liabilities and assets shall be classified under headings appropriate to the company's business:
Provided that--
(a) where the amount of any class is not material, it may be included under the same heading as some other class; and
(b) where any assets of one class are not separable from assets of another class, those assets may be included under the same heading.
(2) Fixed assets, current assets and assets that are neither fixed nor current shall be separately identified.
(3) The method or methods used to arrive at the amount of the fixed assets under each heading shall be stated.
5. (1) The method of arriving at the amount of any fixed asset shall, subject to sub-paragraph (2), be to take the difference between-
(a) its cost or, if it stands in the company's books at a valuation, the amount of the valuation; and
1984 Ed.]
Companies
[CAP. 32
357
TENTH SCHEDULE
ACCOUNTS
Preliminary
1. Paragraphs 2 to 12 apply to the balance sheet and 13 to 17 to the profit and loss account, and are subject to the exceptions and modifications provided for by Part II in the case of a holding or subsidiary company and by Part III in the case of companies of the classes there mentioned; and this Schedule has effect in addition to the provisions of sections 161 to 161C of this Ordinance.
PART I
GENERAL PROVISIONS AS TO BALANCE SHEET AND PROFIT and Loss AccoUNT
2.
Balance Sheet
The authorized share capital, issued share capital, liabilities and assets shall be summarized, with such particulars as are necessary to disclose the general nature of the assets and liabilities, and there shall be specified ---
(a) any part of the issued capital that consists of redeemable preference shares, the earliest and latest dates on which the company has power to redeem those shares, whether those shares must be redeemed in any event or are liable to be redeemed at the option of the company and whether any (and, if so, what) premium is payable on redemption;
(b) so far as the information is not given in the profit and loss account, any share capital on which interest has been paid out of capital during the financial year, and the rate at which interest has been so paid;
(c) the amount of the share premium account:
(d) particulars of any redeemed debentures which the company has power to
reissue.
3. There shall be stated under separate headings, so far as they are not written off,-
(a) the preliminary expenses;
(b) any expenses incurred in connexion with any issue of share capital or
debentures;
(c) any sums paid by way of commission in respect of any shares or debentures: (d) any sums allowed by way of discount in respect of any debentures; and
(e) the amount of the discount allowed on any issue of shares at a discount.
4. (1) The reserves, provisions, liabilities and assets shall be classified under headings appropriate to the company's business:
Provided that--
(a) where the amount of any class is not material, it may be included under the
same heading as some other class; and
(b) where any assets of one class are not separable from assets of another class,
those assets may be included under the same heading.
(2) Fixed assets, current assets and assets that are neither fixed nor current shall be separately identified.
(3) The method or methods used to arrive at the amount of the fixed assets under each heading shall be stated.
5. (1) The method of arriving at the amount of any fixed asset shall, subject to sub-paragraph (2), be to take the difference between-
(a) its cost or, if it stands in the company's books at a valuation, the amount of
the valuation; and
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