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BALANCE SHEET AS PER COMPANIES ACT 2013

Posted on October 2, 2019 By commerceiets No Comments on BALANCE SHEET AS PER COMPANIES ACT 2013

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

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’.
12 ACCOUNTANCY, CORPORATE ACCOUNTING

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