Magna Carta Balance Sheet Services
We offer balance sheet services by preparing and submitting your company’s audited balance sheet to the Revenue Department and other related government agencies according to the law. Our team of licensed accountants with proven record of professional experience advise our clients in all aspects of accounting.
What is a Balance Sheet and why is it necessary?
Balance Sheet is a financial statement that summarizes a company’s assets, liabilities and shareholders’ equity at a specific time. We can use this report to get a complete picture of the financial results and financial position of a business on the last date of the financial year.
It is extremely important that companies prepare and submit the balance sheets at least once every twelve months. Such twelve-month period constitutes the company’s accounting period or financial year. A newly established company should, therefore, close accounts within 12 months from its registration. It is important that a qualified external auditor certifies the accounts and the officer must file with the Revenue Department and Department of Business Development every year.
You must file the Balance Sheets within 150 days after the end of its accounting period. If a company fails to submit within the required time, the company and/or its responsible officer is liable to a certain penalty or fine.