Question

as per schedule 3 financial statements are to be prepared in which format?
1. Vertical
2.Horizontal
3. straight
4.optional​

Answer 1

Answer:

1- vertical

Explanation:

In Revised Balance Sheet it should be shown as ‘Other Assets’ and its amount should be shown in non current Assets column.

A Format of such Presentation is as follows :-

Answer 2

Answer:

1) VERTICAL FORMAT

As per schedule 3 financial statements are to be prepared in VERTICAL format.

Explanation:

Schedule III (and prior, the Revised Schedule VI) endorses just the vertical format for the introduction of Financial Statements. In this way, an organization will now not have a choice to utilize an even format for the show of Financial Statements as endorsed in Old Schedule VI.

The balance sheet of an organization is ready according to the format endorsed to some extent I of Schedule III of the Companies Act, 2013.