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Mar12
2018
Every company registered under Companies Act, 2013 has to comply with all the provisions of the Companies Act. The act provides detailed instructions related to preparation of financial statement prepared by companies.
According to Section 2(40) of the Companies Act, 2013, the "financial statement" includes:
Section 129:
Hence, every company needs to prepare and maintain financial statements as per Schedule III of the Companies Act, 2013.
Schedule III of Companies Act, 2013:
Consolidated Financial Statement:
As per section 129(3) if a company has one or more subsidiaries it will have to prepare a consolidated financial statement of the company and of all the subsidiaries in the form provided in the new schedule III of Companies Act, 2013.
The financials of the subsidiary: The company has also to attach along with its financial statement, a separate statement containing the salient features of the financials of the subsidiary companies in such form as may prescribed by the rules.
It is also provided that if the company has interest in any associate company or a joint venture the accounts of that company as well as joint venture shall be consolidated.
Format for Balance Sheet and Statement of Profit & Lossas per Schedule III as per Company's Act
PART I — BALANCE SHEET
Name of the Company…………………….
Balance Sheet as at ………………………
(Rupees in…………)
| Particulars | Note No. |
Figures as at the end of current reporting period |
Figures as at the end of the previous reporting period |
| 1 | 2 | 3 | 4 |
| I. EQUITY AND LIABILITIES (1) Shareholders’ funds (a) Share capital (b) Reserves and surplus (c) Money received against share warrants (2) Share application money pending allotment (3) Non-current liabilities (a) Long-term borrowings (b) Deferred tax liabilities (Net) (c) Other Long term liabilities (d) Long-term provisions (4) Current liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions TOTAL II. ASSETS Non-current assets (1) (a) Fixed assets (i) Tangible assets (ii) Intangible assets (iii) Capital work-in-progress (iv) Intangible assets under development (b) Non-current investments (c) Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets (2) Current assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and cash equivalents (e) Short-term loans and advances (f) Other current assets |
|||
| TOTAL | |||
See accompanying notes to the Financial Statements
Part II - Statement of Profit & Loss
Name of the Company…………………….
Profit and loss statement for the year ended ………………………
(Rupees in…………)
| Sr No. | Particulars | Note No. |
Figures as at the end of current reporting period |
Figures as at the end of the previous reporting period |
| 1 | 2 | 3 | 4 | |
| I | Revenue from operations | xxx | xxx | |
| II | Other income | xxx | xxx | |
| III | Total Revenue (I + II) | xxx | xxx | |
| IV |
Expenses: |
Xxx
|
Xxx
|
|
| V | Profit before exceptional and extraordinary items and tax (III - IV) | xxx | xxx | |
| VI | Exceptional Items | xxx | xxx | |
| VII | Profit before extraordinary items and tax (V - VI) | xxx | xxx | |
| VIII | Extraordinary Items | xxx | xxx | |
| IX | Profit before tax (VII- VIII) | xxx | xxx | |
| X |
Tax expense: |
Xxx |
Xxx |
|
| XI | Profit (Loss) for the period from continuing operations (VII-VIII) | xxx | xxx | |
| XII | Profit/(loss) from discontinuing operations | xxx | xxx | |
| XIII | Tax expense of discontinuing operations | xxx | xxx | |
| XIV | Profit/(loss) from Discontinuing operations (after tax) (XII-XIII) | xxx | xxx | |
| XV | Profit (Loss) for the period (XI + XIV) | xxx | xxx | |
| XVI |
Earnings per equity share: |
Xxx |
Xxx |
See accompanying notes to the financial statements.
