BALANCE SHEET AS PER COMPANIES ACT 2013

BALANCE SHEET AS PER COMPANIES ACT 2013

Balance sheet is a statement of financial position of a company at a specified moment of time. It shows the company’s assets on one side and company’s liabilities on the other side. It tells about the solvency, profitability and liquidity position of the firm. Section 129 of the Companies Act, 2013 requires the preparation of the balance sheet. The format of Balance Sheet as per Companies Act 2013 is as follows:

FORMAT OF BALANCE SHEET AS PER SCHEDULE III OF COMPANIES ACT, 2013

Name of the Company
Balance Sheet as at……..
	PARTICULARS	NOTE NO.	FIGURES AT THE END OF CURRENT REPORTING PERIOD	FIGURES AT THE END OF PREVIOUS REPORTING PERIOD
I	EQUITY AND LIABILITIES
(1)	Shareholder’s Funds
	Share Capital
	Reserve and surplus
	Money received against share warrants
(2)	Share application money pending allotment
(3)	Non-current Liabilities
	Long Term borrowings
	Deferred Tax Liabilities (Net)
	Other Long term liabilities
	Long Term provisions
(4)	Current Liabilities
	Short term borrowings
	Trade payables
	Other current liabilities
	Short term provisions
	TOTAL
II	ASSETS
(1)	Non-Current Assets
	(a)Fixed assets
	Tangible assets
	Intangible Assets
	Capital work-in-progress
	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
	Current Investments
	Inventories
	Trade receivables
	Cash and cash equivalents
	Short-term loans and advances
	Other Current Assets
	TOTAL

See accompanying notes to the Financial Statements

FEATURES OF BALANCE SHEET AS PER REVISED SCHEDULE III

• The Revised schedule as eliminated the concept of ‘Schedule’ and such information is now to be furnished in the notes to accounts.
• The revised schedule follows Accounting Standards in case there is any conflict prevails.
• The revised schedule prescribes the vertical format for presentation of balance sheet.
• All assets and liabilities classified into current and non-current and presented separately in the balance sheet.
• The shareholder holding more than 5% shares must be disclosed in the notes to accounts.
• Any Debit balance in the statement of Profit and Loss will be disclosed under the head “Reserve and Surplus”.
• Specific disclosures are prescribed for Share Application Money.
• The term ‘Sundry Debtors’ has been replaced with the term ‘Trade Receivables’.
• ‘Capital Advances’ are specifically required to be presented separately under the head ‘Loans and Advances.’
• Tangible assets under lease are required to be separately specified under the head ‘Loans and Advances’.