Shedule 6
This query is : Resolved
05 May 2012
What does applicablity of schedule 6 in cs executive exam means- if only we hav to attemtpt the que of final acount in new format or whole ques like consolidation etc & also if que paper will be in new format., plz help!
25 July 2025
Statement of Profit & Loss) in the revised format prescribed under Schedule VI (now Schedule III) of the Companies Act, 2013.
📌 Here's what it specifically means:
For Exam Questions on Final Accounts:
The format of the Balance Sheet and Profit & Loss Account must follow the Revised Schedule VI / Schedule III.
You must be familiar with headings like:
Equity and Liabilities
Assets
Current vs Non-Current classification
Notes to Accounts
For Questions Like Consolidation, Cash Flow, Amalgamation etc.:
These are generally based on accounting standards and theoretical understanding.
While Schedule VI format helps in presentation, not all of these questions require it strictly unless asked specifically.
Question Paper Format:
The questions in the paper will align with the revised Schedule VI.
You’ll likely be given trial balances and asked to prepare financial statements in the new format.
🔁 Difference between Old and Revised Schedule VI:
Particulars Old Schedule VI Revised Schedule VI (now Schedule III)
Classification Horizontal (T-form) Vertical (single column)
Terminology Less standard (e.g., Loans, Debtors) Modern (e.g., Financial Assets, Equity)
Current vs Non-current Not required Mandatory
📘 Conclusion:
For CS Executive, you are expected to attempt Final Accounts questions in the new format of Schedule VI (revised) — now Schedule III. Other questions like consolidation may not strictly require it unless specifically mentioned.
📌 Here's what it specifically means:
For Exam Questions on Final Accounts:
The format of the Balance Sheet and Profit & Loss Account must follow the Revised Schedule VI / Schedule III.
You must be familiar with headings like:
Equity and Liabilities
Assets
Current vs Non-Current classification
Notes to Accounts
For Questions Like Consolidation, Cash Flow, Amalgamation etc.:
These are generally based on accounting standards and theoretical understanding.
While Schedule VI format helps in presentation, not all of these questions require it strictly unless asked specifically.
Question Paper Format:
The questions in the paper will align with the revised Schedule VI.
You’ll likely be given trial balances and asked to prepare financial statements in the new format.
🔁 Difference between Old and Revised Schedule VI:
Particulars Old Schedule VI Revised Schedule VI (now Schedule III)
Classification Horizontal (T-form) Vertical (single column)
Terminology Less standard (e.g., Loans, Debtors) Modern (e.g., Financial Assets, Equity)
Current vs Non-current Not required Mandatory
📘 Conclusion:
For CS Executive, you are expected to attempt Final Accounts questions in the new format of Schedule VI (revised) — now Schedule III. Other questions like consolidation may not strictly require it unless specifically mentioned.
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