balance sheet formation under schedule III

Question

Accepted Answer

Schedule III of the Companies Act, 2013 prescribes the format for preparation of balance sheet.

Schedule III provides a standard format for presenting financial statements of companies.
It specifies the minimum requirements for disclosure of information in the balance sheet.
The balance sheet should be prepared in the prescribed format and should include all the required information.
The format includes classification of assets and liabilities into current and non-current categories.
Examples of items to be included in the balance sheet are share capital, reserves and surplus, long-term borrowings, current liabilities, fixed assets, investments, etc.

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