final ppt of balance sheet

7/31/2019 Final Ppt of Balance Sheet

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INTRODUCTION

Schedule VI to the Companies Act, 1956 (the Act)provides the format in which companies registered underthe Act prepare and present their financial statements

As per notification dated 28 th March, 2011 by Ministry of Corporate Affairs, the revised Schedule VI is applicable tobalance sheet & profit & loss account to be prepared forthe financial year commencing on or from 01 st April 2011


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GENERAL INSTRUCTIONS

Compliance with the Act and/or Accounting Standards:Where compliance with the requirements of the Actincluding Accounting Standards as applicable to thecompanies require any change in treatment or disclosurethe said changes can be made.Disclosures are required by the Companies Act shall bemade in the notes to accounts

Additional disclosures specified in the AccountingStandards shall be made in the notes to accounts or byway of additional.


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Notes to accounts shall contain information inaddition to that presented in the Financial Statementsand shall provide where required

a) narrative descriptions or disaggregation's of itemsrecognized in those statements.

b) information about items that do not qualify forrecognition in those statements.


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Presentation of figures: Where Turnover:

o < Rs. 100 crores = Figures to be in nearesthundreds, thousands, lakhs or millions or decimalsthereof.

o > Rs. 100 crores = Figures to be in nearest lakhsor millions or decimals thereof.

Once a unit of measurement is used, it should be useduniformly in the Financial Statements


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GENERAL INSTRUCTIONS FOR BALANCE SHEET

An operating cycle is the time between theacquisition of assets for processing and theirrealization in cash or cash equivalents. Where

the normal operating cycle cannot be identified,it is assumed to have a duration of 12months .

A liability shall be classified as current when itsatisfies any of the criteria SPECIFIED FORASSETS & all other liabilities shall be classifiedas non-current.


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CONTINUE

A receivable shall be classified as a tradereceivable if it is in respect of the amountdue on account of goods sold or servicesrendered in the normal course of business.

A payable shall be classified as a tradepayable if it is in respect of the amount dueon account of goods purchased orservices received in the normal course ofbusiness .


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Particulars NoteNo

Amount as the endof current year

Amount asthe end ofpreviousyear

I. EQUITY & LIABILITIES

(1) Shareholders Funds (a) Share Capital(b) Reserves & Surplus

(c) Money received against sharewarrant

(2) Share application moneypending allotment

(3) Non-current Liabilities(a) Long-term borrowings(b) Deferred tax liabilities (Net)(c) Other long term(d) Long-term provisions liabilities

(4) Current Liabilities(a ) Short-term borrowings(b) Trade payables(c) Other current liabilities

-

Balance sheet as per revised schedule VI


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Particulars NoteNo

Amount as theend of currentyear

Amount as the endof previous year

II. ASSETS

(1) (a) Fixed Assets(i) Tangible Assets(ii) Intangible Assets(iii) Capital Work-in-Progress(iv) Intangible Assets underdevelopment

(b) Non-current Investments(c)Deferred tax assets (net)(d) Long-term loans and advances(e) Other non-current assets

XXXXXXXXXXXX

XXXXXX

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XXXXXX

(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


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BALANCE SHEET

Schedule VI (OLD) Schedule VI (Revised 2011)

I. SOURCES OF FUNDS I. EQUITY & LIABILITIES

(1) Shareholders Funds (a) Capital(b) Reserves & Surplus

(1) Shareholders Funds (a) Share Capital(b) Reserves & Surplus(c) Money received against sharewarrant

(2) Loan Funds

(a) Secured Loans(b) Unsecured Loans

(2) Share application money

pending allotment

(3) Deferred Tax Liabilities(Net)

(3) Non-current Liabilities(a) Long-term borrowings(b) Deferred tax liabilities (Net)(c) Other long term(d) Long-term provisions liabilities

(4) Current Liabilities &Provisions (Reclassified)(a) Liabilities(b) Provisions

(4) Current Liabilities(a) Short-term borrowings(b) Trade payables(c) Other current liabilities

(d) Short-term provisionsTOTAL TOTAL


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II. APPLICATION OF FUNDS II. ASSETS

(1) Fixed Assets(a) Gross Block

(b) Less: depreciation

(c) Net Block

(d) Capital Work-in-Progress

(1) (a) Fixed Assets(i) Tangible Assets(ii) Intangible Assets(iii) Capital Work-in-Progress(iv) Intangible Assets underdevelopment

(b) Non-current Investments

(c)Deferred tax assets (net)

(d) Long-term loans and advances

(e) Other non-current assets

(2) Investments (Long term and

Current)

(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


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(4) Current Assets, Loans and advances(a) Inventories

(b) Sundry debtors

(c) Cash and Bank balances

(d) Loans & Advances

(e) Other current Assets

(5) (a) Miscellaneous expenditure to theextent not written off or adjusted.

(b) Profit and Loss Account

TOTAL TOTAL


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COMPARISON BETWEEN OLD & REVISEDSCHEDULE VISr.No

Particulars Old Schedule VI Revised Schedule VI

1. Form of balancesheet No format specified for Profitand Loss Account

Form of balancesheet specifiedunder Part II

2. Title SOURCE OF FUNDS & APPLICATION OF FUNDS

EQUITY AND LIBILITIES & ASSETS

3. Disclosures in ShareCapital

Authorised Capital:1,00,000Issued & subscribed Capital:1,00,000

Share Application:10,00,000Pending for AllotmentNo Restriction

Authorised Capital: 1,00,000Issued & subscribed Capital:1,00,000Share Application:

10,00,000Pending for AllotmentNow terms & conditions of share application money needsto be disclosed as if sufficientbalance of Authorised capital is

not available.


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Sr.no Particulars Old schedule vi Revised schedule vi

4. RESERVES &SURPLUS

P&L debit balance was shownunder the head Miscellaneous

expenditure & losses

Debit balance of Profit andLoss Account to be shown

as negative figure underthe head Surplus.Therefore, reserve &surplus balance can benegative.

5. disclosure of Current Liability

Earlier Current Liabilities andProvisions are shown bydeducting from Current Assetsunder the Head of APPLICATION OF FUNDS

Now it is to be shownseparately as Non CurrentLiabilities and CurrentLiabilities under the HeadEQUITY ANDLIBILITIES


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Sr.no Particulars Old schedule vi Revised schedule vi

6. Borrowings Short term & long termborrowings are grouped togetherunder the head Loan funds sub-

head Secured / Unsecured

Long term borrowings tobe shown under non-current liabilities and short

term borrowings to beshown under currentliabilities. Borrowingsshall further be sub-classified as Secured and

Unsecured.

Period and amount of continuing default as onthe balance sheet date inrepayment of loans andinterest to be separatelyspecified


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COMPARISON BETWEEN OLD & REVISED


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10. Fixed Assets There was no bifurcationrequired of tangible &intangible assets on theface of the Balance sheet.

Fixed assets to be shownunder non-current assets andit has to be bifurcated in toTangible & intangible assetson the face of the BalanceSheet

11. Investments Both current & non-currentinvestments to be disclosedunder the head investments

Current and non-currentinvestments are to bediscosed separately undercurrent assets & non-currentassets respectively

12 Deposits Lease deposits are part of loans & advances

Lease deposits to bedisclosed as long term loans

& advances under the headnon-current assets



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13 Cash & BankBalances

Bank balance to be bifurcatedin scheduled banks & others

Bank balances in relation toearmarked balances, held asmargin money againstborrowings, deposits with morethan 12 months maturity, each of these to be shown separately.

14 Loans & Advances Loans & Advance aredisclosed alongwith currentassets

Loans & Advances to be brokenup in long term & short term andto be disclosed under non-current & current assets

respectivelyAnd further bifurcation withcapital advances securitydeposits etc.



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15 PROFIT & LOSS EXPENSES

Any item under whichexpense exceeds one per centof the total revenue of thecompany or5,000 which everis higher; was disclosed

separately

Any item of income / expensewhich exceeds one per cent of the revenue from operationsor1,00,000, which ever ishigher; to be disclosed

separately

16 Finance Cost Finance cost to be classifiedin fixed loans & other loans

Finance cost shall be classifiedas interest expense, otherborrowing costs & Gain / Losson foreign currency transaction& translation



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17 Rounding off of Figures appearingin financialstatement

Turnover of less than 100Crores - R/off to the nearestHundreds, thousands ordecimal thereof

Turnover of 100 Crores ormore but less than500 Crores- R/off to the nearestHundreds, thousands, lakhsor millions or decimal thereof

Turnover of 500 Crs or more -R/off to the nearestHundreds, thousands, lakhs,millions or crores , ordecimal thereof

Turnover of less than 100 Croress - R/off to the nearestHundreds, thousands, lakhs ormillions or decimal thereof

Turnover of 100 Croress ormore - R/off to the nearestlakhs, millions or crores, ordecimal thereof



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COMPARISON BETWEEN OLD & REVISEDSCHEDULE VI

Sr.

No


18 Purchases The purchase made and theopening & closing stock,giving break up in respectof each class of goods

traded in by the companyand indicating thequantities thereof.

Goods traded in by thecompany to be disclosed inbroad heads in notes.Disclosure of quantitative

details of goods is diluted


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final ppt of balance sheet

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