REVISED BALANCESHEET AS PER SCHEDULE VI

INTRODUCTION

Schedule VI to the Companies Act, 1956 (‘the Act’) provides the format in which companies registered under the Act prepare and present their financial statements As per notification dated 28th March, 2011 by Ministry of Corporate Affairs, the revised Schedule VI is applicable to balance sheet & profit & loss account to be prepared for the financial year commencing on or from 01st April 2011

GENERAL INSTRUCTIONS  Compliance with the Act and/or Accounting Standards:  Where compliance with the requirements of the Act including Accounting Standards as applicable to the companies require any change in treatment or disclosure the said changes can be made.  Disclosures are required by the Companies Act shall be made in the notes to accounts  Additional disclosures specified in the Accounting Standards shall be made in the notes to accounts or by way of additional. .

 Notes to accounts shall contain information in addition to that presented in the Financial Statements and shall provide where required a) narrative descriptions or disaggregation's of items recognized in those statements. b) information about items that do not qualify for recognition in those statements. .

100 crores = Figures to be in nearest lakhs or millions or decimals thereof. it should be used uniformly in the Financial Statements . o > Rs.  Once a unit of measurement is used. thousands. Presentation of figures: – Where Turnover: o < Rs. lakhs or millions or decimals thereof. 100 crores = Figures to be in nearest hundreds.

 A liability shall be classified as current when it satisfies any of the criteria SPECIFIED FOR ASSETS & all other liabilities shall be classified as non-current. Where the normal operating cycle cannot be identified.GENERAL INSTRUCTIONS FOR BALANCE SHEET An operating cycle is the time between the acquisition of assets for processing and their realization in cash or cash equivalents.  . it is assumed to have a duration of 12 months.

 A payable shall be classified as a ‘trade payable’ if it is in respect of the amount due on account of goods purchased or services received in the normal course of business.CONTINUE A receivable shall be classified as a ‘trade receivable’ if it is in respect of the amount due on account of goods sold or services rendered in the normal course of business.  .

 Cash and cash equivalents .Assets:  Intangible  Money received against Share Warrants  Trade Payables  Share Application Money pending allotment  Separate headings for classifying Non current and Current Liabilities.GENERAL INSTRUCTIONS FOR BALANCE SHEET New Line Items Liabilities:   New Line Items . Assets under development  Trade Receivables  Separate headings for classifying Non current and Current Assets.

EQUITY & LIABILITIES (1) Shareholders’ Funds (a) Share Capital (b) Reserves & Surplus (c) Money received against share warrant (2) Share application money pending allotment (3) Non-current Liabilities (a) Long-term borrowings (b) Deferred tax liabilities (Net) (c) Other long term (d) Long-term provisions liabilities (4) Current Liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities .Balance sheet as per revised schedule VI Particulars Note No Amount as the end of current year Amount as the end of previous year I.

ASSETS (1) (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 (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 XX XX XX XX XX XX XX XX XX .Particulars Not e No Amount as the end of current year XX XX XX XX XX XX XX XX XX Amount as the end of previous year II.

BALANCE SHEET Schedule VI (OLD) Schedule VI (Revised – 2011) I. SOURCES OF FUNDS (1) Shareholders’ Funds (a) Capital (b) Reserves & Surplus I. EQUITY & LIABILITIES (1) Shareholders’ Funds (a) Share Capital (b) Reserves & Surplus (c) Money received against share warrant (2) Share application money pending allotment (3) Non-current Liabilities (a) Long-term borrowings (b) Deferred tax liabilities (Net) (c) Other long term (d) Long-term provisions liabilities (4) Current Liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions TOTAL (2) Loan Funds (a) Secured Loans (b) Unsecured Loans (3) Deferred Tax Liabilities (Net) (4) Current Liabilities & Provisions (Reclassified) (a) Liabilities (b) Provisions TOTAL .

II. ASSETS (1) (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 (2) Investments (Long term and Current) (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 . APPLICATION OF FUNDS (1) Fixed Assets (a) Gross Block (b) Less: depreciation (c) Net Block (d) Capital Work-in-Progress II.

(b) Profit and Loss Account TOTAL TOTAL .(4) Current Assets. Loans and advances (a) Inventories (b) Sundry debtors (c) Cash and Bank balances (d) Loans & Advances (e) Other current Assets (5) (a) Miscellaneous expenditure to the extent not written off or adjusted.

No 1.00.000 Share Application: 10.COMPARISON BETWEEN OLD & REVISED SCHEDULE VI Sr.000 Pending for Allotment Now terms & conditions of share application money needs to be disclosed as if sufficient balance of Authorised capital is not available. Title 3.00.000 Pending for Allotment No Restriction Form of balancesheet specified under Part II EQUITY AND LIBILITIES & ASSETS Authorised Capital: 1.00.00.000 Share Application: 10. 2.00.000 Issued & subscribed Capital: 1.000 Issued & subscribed Capital: 1. Particulars Old Schedule VI Revised Schedule VI Form of balancesheet No format specified for Profit and Loss Account SOURCE OF FUNDS & APPLICATION OF FUNDS Authorised Capital: 1.00. Disclosures in Share Capital .

RESERVES & SURPLUS Old schedule vi P&L debit balance was shown under the head Miscellaneous expenditure & losses Revised schedule vi Debit balance of Profit and Loss Account to be shown as negative figure under the head Surplus. disclosure of Earlier Current Liabilities and Current Liability Provisions are shown by deducting from Current Assets under the Head of APPLICATION OF FUNDS . Therefore.no Particulars 4. reserve & surplus balance can be negative.Sr. Now it is to be shown separately as Non Current Liabilities and Current Liabilities under the Head EQUITY AND LIBILITIES 5.

Borrowings shall further be subclassified as Secured and Unsecured.Sr. Borrowings Short term & long term borrowings are grouped together under the head Loan funds subhead Secured / Unsecured Long term borrowings to be shown under noncurrent liabilities and short term borrowings to be shown under current liabilities. Period and amount of continuing default as on the balance sheet date in repayment of loans and interest to be separately specified .no Particulars Old schedule vi Revised schedule vi 6.

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI Sr. No 7. Sundry Creditors Creditors were broken up in to micro & small suppliers and other creditors 9. Classified under Long Term Liabilities as Trade Payables and under current Liabilities. Deferred Tax assets / liabilities to be disclosed under noncurrent assets / liabilities as the case may be. 8. Particulars Old Schedule VI Revised Schedule VI Deferred Tax Assets / Liabilities Deferred Tax assets / liabilities were not specified. LONG TERM DEBT – CURRENT MATURITY No specific mention for separate disclosure of Current maturities of long term debt Current maturities of long term debt to be disclosed under other current liabilities .

Investments Both current & non-current Current and non-current investments to be disclosed investments are to be under the head investments discosed separately under current assets & non-current assets respectively Lease deposits are part of loans & advances Lease deposits to be disclosed as long term loans & advances under the head non-current assets 12 Deposits . No 10.COMPARISON BETWEEN OLD & REVISED SCHEDULE VI Sr. Particulars Fixed Assets Old Schedule VI There was no bifurcation required of tangible & intangible assets on the face of the Balance sheet. Revised Schedule VI Fixed assets to be shown under non-current assets and it has to be bifurcated in to Tangible & intangible assets on the face of the Balance Sheet 11.

held as margin money against borrowings. 14 Loans & Advances Loans & Advance are disclosed alongwith current assets .COMPARISON BETWEEN OLD & REVISED SCHEDULE VI Sr. each of these to be shown separately. Loans & Advances to be broken up in long term & short term and to be disclosed under noncurrent & current assets respectively And further bifurcation with capital advances security deposits etc. No 13 Particulars Cash & Bank Balances Old Schedule VI Bank balance to be bifurcated in scheduled banks & others Revised Schedule VI Bank balances in relation to earmarked balances. deposits with more than 12 months maturity.

other borrowing costs & Gain / Loss on foreign currency transaction & translation 16 Finance Cost . which ever is higher.000 which ever is higher. was disclosed separately Finance cost to be classified in fixed loans & other loans Revised Schedule VI Any item of income / expense which exceeds one per cent of the revenue from operations or1.COMPARISON BETWEEN OLD & REVISED SCHEDULE VI Sr. to be disclosed separately Finance cost shall be classified as interest expense.00.000. No 15 Particulars PROFIT & LOSS – EXPENSES Old Schedule VI Any item under which expense exceeds one per cent of the total revenue of the company or5.

millions or crores. No 17 Particulars Rounding off of Figures appearing in financial statement Old Schedule VI Turnover of less than 100 Crores . thousands. or decimal thereof Revised Schedule VI Turnover of less than 100 Croress .COMPARISON BETWEEN OLD & REVISED SCHEDULE VI Sr. thousands.R/off to the nearest Hundreds.R/off to the nearest Hundreds. lakhs. thousands or decimal thereof Turnover of 100 Crores or more but less than500 Crores . thousands.R/off to the nearest Hundreds. or decimal thereof . lakhs or millions or decimal thereof Turnover of 500 Crs or more R/off to the nearest Hundreds. lakhs or millions or decimal thereof Turnover of 100 Croress or more . millions or crores.R/off to the nearest lakhs.

Disclosure of quantitative details of goods is diluted . giving break up in respect of each class of goods traded in by the company and indicating the quantities thereof. No 18 Particulars Purchases Old Schedule VI The purchase made and the opening & closing stock. Revised Schedule VI Goods traded in by the company to be disclosed in broad heads in notes.COMPARISON BETWEEN OLD & REVISED SCHEDULE VI Sr.

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