Hi! Can anyone tell me if this statement correct:
"If the company has not traded in the current year then the abbreviated balance sheet for the current and previous year will record the same figures."
In other words, the abbreviated balance sheet from the previous year (with trade) would be IDENTICAL to this year's (without trade aka. dormant)?
Also, what exact statements and notes must I include on the abbreviated balance sheet to confirm the company was dormant for the entire accounting period?
Thanks!
"If the company has not traded in the current year then the abbreviated balance sheet for the current and previous year will record the same figures."
In other words, the abbreviated balance sheet from the previous year (with trade) would be IDENTICAL to this year's (without trade aka. dormant)?
Also, what exact statements and notes must I include on the abbreviated balance sheet to confirm the company was dormant for the entire accounting period?
Thanks!