Prepare in a summarized form the Balance Sheet of a Company as per Schedule III of Companies Act , 2013 , taking imaginary figures .
Answers
Answer:
Schedule III of the Companies Act, 2013 provides the manner in which every company registered under the Act shall prepare its Statement of Profit and Loss, Balance Sheet and Notes to Accounts or Notes to Financial Statements
Explanation:
All companies must maintain a vertical balance sheet as per section 129 of the Companies Act 2013. A vertical balance sheet is several columns beginning with liabilities and capital followed by all the assets.
How to Prepare a Basic Balance Sheet
Determine the Reporting Date and Period. ...
Identify Your Assets. ...
Identify Your Liabilities. ...
Calculate Shareholders' Equity. ...
Add Total Liabilities to Total Shareholders' Equity and Compare to Assets.
Division III to Schedule III requires that except in the case of the first Financial Statements laid before the company after incorporation, the corresponding amounts (i.e. comparatives) for the immediately preceding period are to be disclosed in the Financial Statements including the Notes to Accounts.
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