I need some real urgent help on this .
I wanted to know whether the format of the balance sheet as per revised Schedule VI of the Companies act is applicable to partnership firms or not .
Also , whether it will be applicable in preparing the balance sheet of branch and departmental accounts under group II of IPCC .
Thanking in anticipation .
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Applicability of schedule vi
Replies (6)
If headoffice is a company schedule VI is applicable.
Hey Akanksha,
the sch VI is prescribed by companies act. hence applies only to companies and not to partnership firms.
yes in case of dept and branch a/c, if it is a company, it is reqd to follow sch vi and accordingly sch vi will apply
please share format of balance sheet under revised schedule VI
@ Praneeth : Thank you so much :)
@ Ankit : Thanks a tonne :D
you are welcome Akanksha.......
Here is the format of revised schedule VI & notes thereon.
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