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About Revised Schedule VI

Naveen Chand Khulve 
on 31 March 2012

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Ministry of Corporate Affairs has amended the schedule VI which is required to be implemented by the companies from Financial Year 2011-12 along with regrouping last year figures. Following are the changes in Revised Schedule VI.

1. Source of fund shall be replaced by Equity and Liabilities.

2. Application of funds shall be replaced by Assets.

3. Shareholding of more than 5% shares in the company as on balance sheet date need to be disclosed separately.

4. Profit and Loss account shall be replaced by Statement of Profit and Loss.

5. Statement of Profit and Loss (Dr. Balance) shall be disclosed under head Reserves and Surplus.

6. Share Application money pending allotment is not a part of Shareholders Fund now.

7. Sundry Debtors shall be replaced by Trade Receivables.

8. In case trade receivables outstanding for a period exceeding 6 months from the date they become due for payment then separate disclosure required.

9. Tangible assets under lease are required to be separately specified under each class of assets.

10. Current liabilities will not be shown as deduction from Current Assets.

11. Assets and liabilities shall be bifurcated into Current and Non Current portion.

12. Miscellaneous Expenditure as a separate head does not exists now.

Format of Balance Sheet in Revised Schedule VI

Equity and Liabilities

Note No.

Figures at end of current reporting period

Figures at end of previous reporting period

Shareholder’s Fund

Capital

Reserve and Surplus

Money Reserved against share warrants

Share Application money pending allotment

Non Current Liabilities

Long Term Borrowings

Deferred Tax Liabilities (Net)

Other long Term Liabilities

Long Term Provisions

Current Liabilities

Short Term Borrowings

Trade Payables

Other Current Liabilities

Short Term Provisions

   

Format of Balance Sheet in Revised Schedule VI

Assets

Note No.

Figures at end of current reporting period

Figures at end of previous reporting period

Non Current Assets

Fixed Assets

· Tangible Assets

· Intangible Assets

· CWIP

· Intangible Assets under development

Non Current Investment

Deferred Tax Assets (Net)

Long terms loans and advances

Other Non-Current Assets

Current Assets

Current Investment

Inventories

Trade Receivables

Cash and Cash Equivalents

Short Term loans and advances

Other Current Assets

Format of Statement of Profit and Loss

Particulars

Note No.

Figures at end of current reporting period

Figures at end of previous reporting period

Revenue from Operations

Other Income

Total Revenue

Expenses

Cost of Material Consumed

Purchases of Stock in Trade

Changes in inventories of finished goods

WIP and SIT

Employee Benefit expenses

Finance Costs

Depreciation and Amortization expenses

Other expenses

Profit before exceptional and extraordinary items and tax

Extraordinary items

PBT

Tax Expenses

Current Tax

Deferred Tax

Profit (Loss) for the period from continuing operations

Profit (Loss) for the period from discontinuing operations

Tax expenses of discontinuing operations

Profit (Loss)  from discontinuing operations (after tax)

Profit (Loss) for the period

EPS

Basic

Diluted

Distinction between term Current and Non Current:-

An item is classified as current

1. If it is involved in the entity’s operating cycle

2. Is expected to be realized / settled within 12 months.

3. If it is held primary for trading

4. Is cash or cash equivalents

5. If entity does not have unconditional right to defer settlement of liability for at least 12 months after reporting period.

All other items are non current.

By Naveen Chand Khulve

Email: khulvenaveen@gmail.com




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