1. BALANCE SHEET AS PER COMPANIES ACT 1956
REVISED SCHEDULE VI
BALANCE SHEET
AS PER COMPANIES ACT 1956

2. Format of Balance Sheet Name of the Company…………… Balance Sheet as at……….. ( Rupees at ……)
Particulars
Note No
Figures as at the end of the current reporting period
Figures as at the end of the previous reporting period I
EQUITY & LIABILITIES
(1)
Shareholder’s Funds
Share Capital
Reserves & 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 provision
(4)
Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
TOTAL

3. Format of Balance Sheet (cont
Format of Balance Sheet (cont..) Name of the Company…………… Balance Sheet as at……… ( Rupees at ……)
Particulars
Note No
Figures as at the end of the current reporting period
Figures as at the end of the previous reporting period II
ASSETS
(1)
Non Current Assets
Fixed Assets
Non current Investments
Deffered tax assets
Long term loan and advances
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

4. Shareholder’s Fund : Content & Information
Share Capital
Shall specify the number and the amount of shares of each class of share capital authorized, issued , subscribed and fully paid
Reserves & Surplus
Amount appropriated from statement of profit & loss a/c as per statutory compliances or otherwise such as Capital Reserve , Debenture Redemption Reserve , Revaluation Reserve , General Reserve
Money received against share warrants
Securites issued by company to owners which give them the right to purchase shares at a specific price at a future date
Represents amount which would ultimately form part of either share capital or reserves and surplus

5. Non current Liabilities: Content & Information
Long Term Borrowings
Classified as bonds/debentures, term loans , deffered payment liabilities, deposits, loans and advances from related parties, etc.
Shall further be sub-classified as secured and unsecured. Nature of security shall be specified separately in each case
Other Long Term Liabilities
Classified as Trade payables( due on account of goods purchased or services rendered in normal course of business of non current nature) and others (specify nature)
Long Term Provisions
Classified into Provision for Employee Benefits and others (specify nature )

6. Current Liabilties: Content & Information
Short Term Borrowings
Classified into loans repayable on demand by banks or other parties; deposits and other loans and advances
Shall further be sub-classified as secured and unsecured. Nature of security shall be specified separately in each case.
Trade Payables
Amounts payable in respect of goods purchased or services received in the normal course of business ( of current nature )
Other Current Liabilities
Classified into unpaid dividend, income received in advance , interest accrued and due on borrowings etc .
Short Term Provisions
Classified into Provision for Employee Benefits and others (specify nature )

7. Non current Assets : Content & Information
Fixed Assets
Non current Investments
Deffered Tax Assets
Long Term Loans & advances
Other Non current assets

8. Non current Assets : Content & Information(cont.)
Fixed Assets
Tangible Assets
Classified as land , buildings , plant and equipment , furniture and fixture , vehicles , office equipment and others
Intangible Asset
Classified as goodwill , brands/trademarks, computer software , mining rights etc
Capital Work in Progress
Related to tangible fixed asset to be disclosed
Intangible Assets under development
Recognised and measured as per accordance with AS 26

9. Non current Assets : Content & Information(cont.)
Non-current Investment
Shall be classified as trade investments and other investments and further classified as investment property , investment in equity instruments ,preference shares , government securities , bonds , debentures etc .
Long Term Loans and Advances
Shall be classifies as capital advances , security deposits , loans and advances related to other parties .
Shall be Further classified into secured , considered good; unsecured , considered good or doubtful
Other non-current assets
Shall be classified as long term trade receivables or others.

10. Current Assets : Content & Information
Current Investments
Inventories
Trade Receivables
Cash and cash equivalents
Other Current Assets
Short Term Loans and advances

11. Current Assets : Content & Information (cont)
Current Investments
Shall be classified as trade investments and other investments and further classified as investment property,investment in equity instruments,preference shares, government,securities , bonds,debentures,etc
Inventories
Shall be classified as raw material , work in progress , finished goods ,stock in trade , stores and spares , loose tools ,etc
Mode of valuation should be stated
Trade Receivables
Treated as current if it is expected to be realised within 12 months from the balance sheet date or within the operating cycle of the business , whichever is longer.
Shall be Further classified into secured , considered good; unsecured , considered good or doubtful

12. Current Assets : Content & Information (cont)
Cash and Cash Equivalents
Shall be classified into bank balances, cheques , drafts on hand , cash on hand , short term highly liquid investments , other etc
Short Term Loans and Advances
Shall be classifies into loans and advances to related parties and others( specifying nature )
Shall be Further classified into secured , considered good; unsecured , considered good or doubtful
Other Current Assets
Covers residuary current assets that do not fall into the any of the other current asset categories such as interest accrued on investments

13. STATEMENT OF PROFIT & LOSS AS PER COMPANIES ACT 1956
REVISED SCHEDULE VI
STATEMENT OF PROFIT & LOSS
AS PER COMPANIES ACT 1956

14. STATEMENT OF PROFIT & LOSS
Ministry of Corporate Affairs has revised schedule VI which comprises of Profit & Loss Account and Balance Sheet.
The name of Profit & Loss account has been changed to Statement of Profit & Loss.

15. Statement of Profit and Loss
Name of the Company
Statement of Profit and Loss for the year ended 31 March, 20X2
Particulars A
CONTINUING OPERATIONS 1
Revenue from operations (gross)
Less: Excise duty
Revenue from operations (net) 2
Expenses
(a) Cost of materials consumed
(b) Purchases of stock-in-trade
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade
(d) Employee benefits expense
(e) Other expenses
Total 3
Earnings before exceptional items, extraordinary items, interest, tax, depreciation and amortisation (EBITDA) (1 - 2) 4
Finance costs 5
Depreciation and amortisation expense 6
Other income 7
Profit / (Loss) before exceptional and extraordinary items and tax ( )

16. Particulars A CONTINUING OPERATIONS 1 Revenue from operations (gross)A
CONTINUING OPERATIONS 1
Revenue from operations (gross)
Less: Excise duty
Revenue from operations (net) 2
Expenses
(a) Cost of materials consumed
(b) Purchases of stock-in-trade
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade
(d) Employee benefits expense
(e) Other expenses
Total 3
Earnings before exceptional items, extraordinary items, interest, tax, depreciation and amortisation (EBITDA) (1 - 2) 4
Finance costs 5
Depreciation and amortisation expense 6
Other income 7
Profit / (Loss) before exceptional and extraordinary items and tax ( )

17. 8
Exceptional items 9
Profit / (Loss) before extraordinary items and tax (7 + 8) 10
Extraordinary items 11
Profit / (Loss) before tax (9 + 10) 12
Tax expense:
(a) Current tax expense for current year
(b) (Less): MAT credit (where applicable)
(c) Current tax expense relating to prior years
(d) Net current tax expense
(e) Deferred tax 13
Profit / (Loss) from continuing operations ( ) B
DISCONTINUING OPERATIONS
14.i
Profit / (Loss) from discontinuing operations (before tax)
14.ii
Gain / (Loss) on disposal of assets / settlement of liabilities attributable to the discontinuing operations
14.iii
Add / (Less): Tax expense of discontinuing operations
(a) on ordinary activities attributable to the discontinuing operations
(b) on gain / (loss) on disposal of assets / settlement of liabilities 15
Profit / (Loss) from discontinuing operations (14.i + 14.ii + 14.iii)

18. C
TOTAL OPERATIONS 16
Profit / (Loss) for the year ( )
17.i
Earnings per share (of ` ___/- each):
(a) Basic
(i) Continuing operations
(ii) Total operations
(b) Diluted
17.ii
Earnings per share (excluding extraordinary items) (of ` ___/- each):
See accompanying notes forming part of the financial statements

19. REVENUE REVENUE FROM OPERATIONS OTHER OPERATING REVENUES
The first item in the statement starts with revenue from operations.
Revenue from operations means net income from business activities.
The new revised version is required to disclose by way of a note the break-up of revenue into–
sale of products
sale of services
other operating revenues
Less: excise duty.
Revenue from a company’s operating activities incidental to principal revenue producing activities of sale of products or rendering of services
e.g. sale of by-products or scrap in a manufacturing company.

20. Interest on FD, Interest on Overdue Amounts. Dividend income
Other Income
Interest on FD, Interest on Overdue Amounts.
Dividend income
Net gain on sale of investments.
Other non-operating income

21. EXPENSES

22. COST OF MATERIALS CONSUMED & PURCHASE OF STOCK IN TRADE
The revised Schedule requires separate disclosure of (i) cost of materials consumed, (ii) purchases of stock-in-trade and (iii) change in inventories of finished goods, work-in-progress and stock in trade on the face of the statement of profit and loss.
Raw Material Consumed = Opening Stock of RM + Purchases of RM – Closing Stock of RM
Change in Inventory is the difference of Closing and Opening Stock of FG, WIP and SIT.

23. Employee Benefits Expenses
Salaries and wages
Contribution to provident and other funds
Expense on Employee Stock Option Scheme (ESOP) and Employee Stock Purchase Plan (ESPP)
Staff welfare expenses

24. Finance Costs Interest expense Other borrowing costs
Applicable net gain/loss on foreign currency transactions and translation.
Interest Expense includes Interest on Deb, Interest on Borrowings from Banks.
Other Borrowing Costs include project finance charges, loan processing charges etc.

25. Depreciation & Ammortization
Depreciation is an expense which arises due to the regular usage of the assets
Amortization refers to the writing off the cost of intangible assets like patents, copy rights etc. which have entitlements to use for a specified period of time.
Commission on Sales
separate disclosure would be required if the amount exceeds one percent of turnover or INR 1,00,000, whichever is higher.

26. Other Expenses Consumption of stores and spare parts Power and fuel
Rent
Repairs to buildings
Repairs to machinery
Insurance
Rates and taxes, excluding taxes on income
Miscellaneous expenses.

27. EXCEPTIONAL NATURE
When items of income and expense within profit or loss from ordinary activities are of such size, nature or incidence that their disclosure is relevant to explain the performance of the enterprise for the period, the nature and amount of such items should be disclosed separately.’

28. Extraordinary Items
The revised Schedule requires ‘extraordinary items’ to be distinguished from ‘exceptional items’ and shown separately on the face of the statement of profit and loss. For Eg: -
Attachment of property
Loss of property due to earthquake.

29. Tax Expense Current tax (MAT) payable XX
Less: MAT credit entitlement (XX)
Net Current tax liability XX
MAT refers to Minimum Alternate tax.
This was introduced to make sure that the companies having large profits and declaring substantial dividends to the shareholders, but who were not contributing to the government by way of corporate tax, by taking the advantage of various incentives provided in the Income Tax Act, pay a fixed % of book profit as MAT

30. Profit/(loss) from Discontinuing Operations
The disclosure requirements of AS 24, Discontinuing Operations, including the amount of pre-tax profit or loss from ordinary activities attributable to the discontinuing operation, and the income tax expense related thereto to be disclosed on the face of the Statement should be complied with.

31. Earnings per Equity Share
Basic and diluted earnings per share, computed in accordance with AS 20, Earnings Per Share, should be disclosed on the face of the statements of profit and loss. In this regard, it is relevant to note that AS 20 requires the nominal value of equity shares to be disclosed ‘along with the earnings per share figures’; hence, the same would also need to be disclosed on the face.