Download Revised Schedule VI in Excel Format – Balance Sheet, Profit Loss A/c, Notes to Accounts


Form and contents of Balance sheet and Profit & Loss Account of a company under Schedule VI to the Companies Act, 1956 revised.

Ministry of Corporate Affairs [MCA], Government of India, has on 3 March 2011, hosted on its website, the revised Schedule VI to the Companies Act, 1956 which deals with the Form of Balance sheet, Profit & Loss Account and disclosures to be made therein.

The revised Schedule VI has been framed as per the existing non-converged Indian Accounting Standards notified under the Companies (Accounting Standards), Rules, 2006 and has no connection with the converged Indian Accounting Standards.

This Revise schedule VI is also applicable for CA Students appearing November 2012 examinations onward.

The changes brought in revised format have been segregated in the following manner: -

 1.   Balance Sheet

2.   Profit & Loss A/c

General Changes

1. While both Vertical and horizontal forms of presentation were allowed under old schedule VI, only vertical form is allowed under revised Schedule VI.

2. Once a unit measurement is used, it should be used uniformly in the Financial Statements.

Changes in Balance Sheet

Liabilities

1. Change in nomenclature – “Sources of Funds” has been replaced with “Equity & Liabilities”

2. Share Capital – Company would need to show in sub-head à Shares held more than 5% in company along with number of shares

3. Debit Balance of P&L A/c shall now be shown as negative figure under head Surplus

4. Liabilities will now broadly be classified as

•    Current Liabilities &

•    Non Current Liabilities

5. Deferred payment liabilities and loans & advances from related parties to be shown separately under head “Long term Borrowings”.

6. Provisions to be classified as Short Term Provisions & Long Term Provisions

Assets

1. Change in nomenclature – “Application Of Funds” has been replaced with “Assets”

2. Fixed Assets to be further classified as

•    Tangible

•    Non-Tangible

4. Current Assets are to be shown under separate head.

5. “Sundry Debtors” have now been named “Trade Receivables”

6.  “Cash  and  Bank  Balances”  have  now  been  termed  as  “Cash  and  Cash  Equivalents”. Classification under this head has been completely revamped.

7. Inventories – Goods in transit shall be disclosed under the relevant sub-head of inventories

8. Misc expenditure (to the extent not written off or adjusted) shall now not be shown separately under head “Other Current Assets”

9. The amount of dividend proposed to be distributed to shareholders (equity and preference) for the period and amount per share to be disclosed separately

Changes in Profit & Loss A/c

1. Under head “Other Income” -  Net gain/loss on foreign currency translation and transaction (other than finance cost) shall be disclosed separately.

2. Employee benefit expense shall disclose additionally expense on account of Employee stock option scheme (ESOP)

3. Following shall now be disclosed separately –

•    Provision for loss of Subsidiary companies

•    Net loss on sale of Investments

•    Details of exceptional and extraordinary items

•    Prior Period items

•    Adjustment to carrying amount of investments

4. A new format has been issued for face reporting of Profit & Loss A/c.

Impact of Revision in Schedule VI

1. The revised schedule VI intends to familiarize companies with Ind-AS/IFRS by using certain concepts such as current/non-current classification.

2. The revised Schedule VI has eliminated the concept of schedules and such information will now be provided in the notes to accounts. This is as done when applying IFRS.

3. From now on, the compliance requirements of Act and/or Accounting standards will prevail over schedule VI.

4.  Better  presentation, disclosure 1s intended   to  facilitate  better  organised   data  for  users  of financial statement.

So here we go.. Download Revise Schedule VI with CFS and Notes to accounts

Recommended :

1. Download Revise Schedule VI By CA Parveen Sharma Sir Applicable for May 2013 Examinations

2. IPCC Accounts, Advanced Accounts Updated Study material as per Revised Schedule VI

 

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  5. #5 by sandesh on April 22, 2013 - 7:45 PM

  6. #6 by Ankita dey sarkar on March 21, 2013 - 1:25 PM

    I liked revised schedule vi bcoz it is more descriptive and more easy to understand the different assets and liabilities that a company or firm or any institution is dealing with.

  7. #7 by Sundeep on December 19, 2012 - 5:46 PM

    Dear Sir,

    Whenever, I try to download any case laws for nov12 exam for dt and idt. I got message the file is damaged and couldn’t repaired. Please help me or provide me this file in word format. This is the same problem, I am getting from ICAI website. Please HELP.

  8. #8 by pooja sehgal on October 30, 2012 - 10:05 AM

    Dear Sir,

    could u please tell me for what all chapter the revised schedule 6 is applicable?
    my id is capoojasehgal@rediffmail.com

  9. #9 by Fiza Khan on October 15, 2012 - 4:12 AM

    Dear Sir,

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    thank u

  10. #10 by vikas on August 23, 2012 - 12:09 PM

    Dear Sir,

    Whenever, I try to download any case laws for nov12 exam for dt and idt. I got message the file is damaged and couldn’t repaired. Please help me or provide me this file in word format. This is the same problem, I am getting from ICAI website. Please HELP.

  11. #13 by girishsilvergirish on August 21, 2012 - 9:26 AM

    Thanks a ton
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