Schedule vi

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NAMAN (Querist)
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11 October 2012 Sir,
I am a IPCC student.I want to confirm that schedule vi is not applicable on insurance companies, banking companies,electricity companies.

I want to know that in case of branch accounting profit and loss a/c will be as per schedule vi or it can be T shape, (in case of company).

MOHAMMAD SALIM

MOHAMMAD SALIM (Expert)
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12 October 2012 As per proviso to sec 211(1) and (2) schedule Vi is not applicable to insurance, banking and electricity companies... However it is currently applicable for electricity companies in absence of any provisions on accounting in their governing law Electricity Act, 2003.

As per rev schedule VI...

Hope this would settle the issue...

NAMAN

NAMAN (Querist)
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12 October 2012 Sir,
In ipcc exam if i get the question on electricity companies then balance sheet will be as per schedule vi

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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23 July 2025 For your IPCC exam question on electricity companies and Schedule VI:

* **Schedule VI of the Companies Act, 1956** is **not applicable** to **insurance companies, banking companies, and electricity companies** as per the proviso to section 211(1) and (2).
* However, **for electricity companies**, in the absence of any specific accounting standards under the Electricity Act, 2003, **Schedule VI is applied in practice**.
* So, **in your IPCC exam**, if you get a question related to electricity companies, **prepare the Balance Sheet and Profit & Loss Account as per Schedule VI format**.

Regarding branch accounting:

* For a company, **branch Profit & Loss Account can be shown in the T-shape format**, and it is acceptable.
* The overall company financials will be as per Schedule VI.

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**Summary for your exam:**

| Company Type | Applicability of Schedule VI | Branch P\&L Format |
| ------------------ | ------------------------------------------------- | ------------------- |
| Insurance, Banking | Not applicable | - |
| Electricity | Not strictly applicable, but followed practically | T-shape format okay |
| General Companies | Applicable | As per Schedule VI |

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If you want, I can help you with a sample Balance Sheet or P\&L format for electricity companies as per Schedule VI!

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