This discussion explains the concept of ageing schedules for trade receivables and trade payables, specifically in the context of Schedule III of the Balance Sheet. It clarifies that these schedules are prepared based on the billing dates of the respective items. A link to the official instructions for preparing the Balance Sheet under Schedule III is also provided for further reference.
30 October 2023
Please see the instructions to prepare Balance Sheet per Schedule IIi https://www.mca.gov.in/Ministry/pdf/ScheduleIIIAmendmentNotification_24032021.pdf