Balance sheet and statement of profit/loss disclosure

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chinna

Others

29 Points Posted on 27 October 2015

Dear Friends/Sir,

While Presenting Balance Sheet And Statement of Profit & Loss, does it be modified. That means while disclosing shareholder funds in balance sheet if there are no reserves and money received against share warrants,then can those be deleted or not. Are they can be shown in balance sheet while stating there value zero in balance sheet. Which is the appropriate method. Are there any rules in Companies Act Concerning this?

Thank you In advance.

Replies (3)

Seetha

B.Com CA

213 Points Posted on 27 October 2015

Dear Chinna,

The revised schedule VI is a standard format. it has to be followed by letter and spirit.

Even if the value is 0 - it has to be shown and the head cannot be deleted. You might put 0 in that place.

Also that you cannot insert any heads of your own choice.

In a nutshell, you cannot modify the format... and should try to fit all your values in the given heads.

Extra expln / groupings can be given to support your classification.

Miss Rinkal

Student

1497 Points Posted on 27 October 2015

I agree with Seetha completely

prashanth

Article assistant

46 Points Posted on 27 October 2015

I agree with swetha except format I.e SCHEDULE III of the companies Act 2013 , If u have any doubts then u can see general instruction while preparing financial statements as per schedule III