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Query regarding the applicability of revised schedule vi

vivek garg (Chartered Accountant) (51 Points)

13 December 2012

Hi All,

I have a query regarding the applicability of revised schedule VI. A Company has been incorporated on 08.03.2011 and prepared its first balance sheet for the period of 08.03.2011 to 31.03.2012 as per revised schedule vi.

However, as per MCA notification, revised schedule VI is applicable for Balance Sheet for FY starting on or after 01.04.2011.

Now please share whether the aforesaid Balance Sheet has been correctly prepared (as per revised schedule vi) or not?

Kindly provide your opinion with supporting.

Regards,

CA Vivek Garg

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6 Replies

Shankar BA(Hons) (CS) (278 Points)
Replied 14 December 2012

Buddy, You have prepared the Balance Sheet correctly as per the revised schedule VI. 23 days does not make any difference. The Balance Sheet has to be prepared as per the revised schedule VI. See to that you enter the Incorporation date in the financial year column of the balance sheet. Confidently go ahead with compilation & confirm the same by presenting before the Board of Directors and file the same to ROC.

Souvik Kumar Ghosh (CA Final) (1368 Points)
Replied 14 December 2012

No the aforesaid Balance Sheet should have been prepared as per Pre-Revised Schedule-VI because it is Statutory format & its early adoption is prohibitted. The fact has also been mentioned in the ICAI's Guidance note. Im attching a relevant extract of the same.

Regards

Attached File : 533634 1100326 guidance note on rvi.pdf downloaded: 208 times

Shankar BA(Hons) (CS) (278 Points)
Replied 14 December 2012

Originally posted by : Souvik Ghosh
	No the aforesaid Balance Sheet should have been prepared as per Pre-Revised Schedule-VI because it is Statutory format & its early adoption is prohibitted. The fact has also been mentioned in the ICAI's Guidance note. Im attching a relevant extract of the same. Regards

Mr.Ghosh What you have said is absolutely right. But in this case the balance sheet is prepared 31st march, 2012. So Logically speaking he has to prepare the revised one.

Rajat Gupta (CA) (54 Points)
Replied 14 December 2012

It should be prepared as per old schedule VI...since it is a statutroy format its earlier adoption is prohibited....also i have also tackled the same problm in case of 5 companies...

Also, the condition is that for revised chedule VI the financial year should commence from 01/04/2011...

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CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graph) (85935 Points)
Replied 14 December 2012

Originally posted by : Shankar BA(Hons)
	Originally posted by : Souvik Ghosh No the aforesaid Balance Sheet should have been prepared as per Pre-Revised Schedule-VI because it is Statutory format & its early adoption is prohibitted. The fact has also been mentioned in the ICAI's Guidance note. Im attching a relevant extract of the same. Regards Mr.Ghosh What you have said is absolutely right. But in this case the balance sheet is prepared 31st march, 2012. So Logically speaking he has to prepare the revised one.

Jayalakshmi Anshuman (Chartered Accountant) (69 Points)
Replied 17 December 2012

The financials have to be prepared in the old schedule VI format as compliance with schedule VI is mandatory. The revised schedule vi is effective for financial year commencing on or after 1st April 2011 only.

If prepared incorrectly in revised schedule VI, then the financials will be invalid as the same are not in accordance with Companies Act, 1956.