REVISED BALANCESHEET AS PER SCHEDULE VI

INTRODUCTION

Schedule VI to the Companies Act, 1956 (the Act) provides the format in which companies registered under the Act prepare and present their financial statements As per notification dated 28th March, 2011 by Ministry of Corporate Affairs, the revised Schedule VI is applicable to balance sheet & profit & loss account to be prepared for the financial year commencing on or from 01st April 2011

GENERAL INSTRUCTIONS

Compliance with the Act and/or Accounting Standards: Where compliance with the requirements of the Act including Accounting Standards as applicable to the companies require any change in treatment or disclosure the said changes can be made. Disclosures are required by the Companies Act shall be made in the notes to accounts Additional disclosures specified in the Accounting Standards shall be made in the notes to accounts or by way of additional.

 Notes

to accounts shall contain information in addition to that presented in the Financial Statements and shall provide where required a) narrative descriptions or disaggregation's of items recognized in those statements. b) information about items that do not qualify for recognition in those statements.

Presentation of figures: Where Turnover: o < Rs. 100 crores = Figures to be in nearest hundreds, thousands, lakhs or millions or decimals thereof. o > Rs. 100 crores = Figures to be in nearest lakhs or millions or decimals thereof. Once a unit of measurement is used, it should be used uniformly in the Financial Statements

GENERAL INSTRUCTIONS FOR BALANCE SHEET

An operating cycle is the time between the acquisition of assets for processing and their realization in cash or cash equivalents. Where the normal operating cycle cannot be identified, it is assumed to have a duration of 12 months. A liability shall be classified as current when it satisfies any of the criteria SPECIFIED FOR ASSETS & all other liabilities shall be classified as non-current.

CONTINUE
A receivable shall be classified as a trade receivable if it is in respect of the amount due on account of goods sold or services rendered in the normal course of business. A payable shall be classified as a trade payable if it is in respect of the amount due on account of goods purchased or services received in the normal course of business.

GENERAL INSTRUCTIONS FOR BALANCE SHEET

New Line Items Liabilities:

New Line Items - Assets:

Intangible

Money

received against Share Warrants Trade Payables Share Application Money pending allotment Separate headings for classifying Non current and Current Liabilities.

Assets under development Trade Receivables Separate headings for classifying Non current and Current Assets. Cash and cash equivalents

Balance sheet as per revised schedule VI Particulars Note No

Amount as the end of current year

Amount as the end of previous year

I. EQUITY & LIABILITIES

(1) Shareholders Funds (a) Share Capital (b) Reserves & Surplus (c) Money received against share warrant

(2) Share application money pending allotment

(3) Non-current Liabilities
(a) Long-term borrowings (b) Deferred tax liabilities (Net) (c) Other long term (d) Long-term provisions liabilities

(4) Current Liabilities (a) Short-term borrowings

(b) Trade payables (c) Other current liabilities

Particulars

Not e No

Amount as the end of current year XX XX XX XX XX XX XX XX XX

Amount as the end of previous year

II. ASSETS (1) (a) Fixed Assets (i) Tangible Assets (ii) Intangible Assets (iii) Capital Work-in-Progress (iv) Intangible Assets under development (b) Non-current Investments (c)Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets (2) Current Assets (a) Current Investments (b) Inventories (c) Trade Receivables (d) Cash and Cash equivalents (e) Short-term loans and advances (f) Other current assets XX XX XX XX XX XX XX XX XX

BALANCE SHEET Schedule VI (OLD) Schedule VI (Revised 2011)

I. SOURCES OF FUNDS
(1) Shareholders Funds (a) Capital (b) Reserves & Surplus

I. EQUITY & LIABILITIES

(1) Shareholders Funds (a) Share Capital (b) Reserves & Surplus (c) Money received against share warrant (2) Share application money pending allotment (3) Non-current Liabilities (a) Long-term borrowings (b) Deferred tax liabilities (Net) (c) Other long term (d) Long-term provisions liabilities (4) Current Liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions TOTAL

(2) Loan Funds (a) Secured Loans (b) Unsecured Loans (3) Deferred Tax Liabilities (Net)

(4) Current Liabilities & Provisions (Reclassified) (a) Liabilities (b) Provisions TOTAL

II. APPLICATION OF FUNDS (1) Fixed Assets (a) Gross Block (b) Less: depreciation (c) Net Block (d) Capital Work-in-Progress

II. ASSETS (1) (a) Fixed Assets (i) Tangible Assets (ii) Intangible Assets (iii) Capital Work-in-Progress (iv) Intangible Assets under development (b) Non-current Investments (c)Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets

(2) Investments (Long term and Current)

(2) Current Assets (a) Current Investments (b) Inventories (c) Trade Receivables (d) Cash and Cash equivalents (e) Short-term loans and advances (f) Other current assets

(4) Current Assets, Loans and advances (a) Inventories

(b) Sundry debtors (c) Cash and Bank balances (d) Loans & Advances (e) Other current Assets (5) (a) Miscellaneous expenditure to the extent not written off or adjusted. (b) Profit and Loss Account

TOTAL

TOTAL

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI

Sr. No 1. Particulars Old Schedule VI Revised Schedule VI

Form of balancesheet

No format specified for Profit and Loss Account SOURCE OF FUNDS & APPLICATION OF FUNDS Authorised Capital: 1,00,000 Issued & subscribed Capital: 1,00,000 Share Application: 10,00,000 Pending for Allotment No Restriction

Form of balancesheet specified under Part II EQUITY AND LIBILITIES & ASSETS Authorised Capital: 1,00,000 Issued & subscribed Capital: 1,00,000 Share Application: 10,00,000 Pending for Allotment Now terms & conditions of share application money needs to be disclosed as if sufficient balance of Authorised capital is not available.

2.

Title

3.

Disclosures in Share Capital

Sr.no Particulars 4. RESERVES & SURPLUS

Old schedule vi P&L debit balance was shown under the head Miscellaneous expenditure & losses

Revised schedule vi Debit balance of Profit and Loss Account to be shown as negative figure under the head Surplus. Therefore, reserve & surplus balance can be negative. Now it is to be shown separately as Non Current Liabilities and Current Liabilities under the Head EQUITY AND LIBILITIES

5.

disclosure of Earlier Current Liabilities and Current Liability Provisions are shown by deducting from Current Assets under the Head of APPLICATION OF FUNDS

Sr.no Particulars

Old schedule vi

Revised schedule vi

6.

Borrowings

Short term & long term borrowings are grouped together under the head Loan funds subhead Secured / Unsecured

Long term borrowings to be shown under noncurrent liabilities and short term borrowings to be shown under current liabilities. Borrowings shall further be subclassified as Secured and Unsecured.
Period and amount of continuing default as on the balance sheet date in repayment of loans and interest to be separately specified

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI

Sr. No 7. Particulars Old Schedule VI Revised Schedule VI

Deferred Tax Assets / Liabilities

Deferred Tax assets / liabilities were not specified.

Deferred Tax assets / liabilities to be disclosed under noncurrent assets / liabilities as the case may be. Classified under Long Term Liabilities as Trade Payables and under current Liabilities.

8.

Sundry Creditors

Creditors were broken up in to micro & small suppliers and other creditors

9.

LONG TERM DEBT CURRENT MATURITY

No specific mention for separate disclosure of Current maturities of long term debt

Current maturities of long term debt to be disclosed under other current liabilities

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI

Sr. No 10. Particulars Fixed Assets Old Schedule VI There was no bifurcation required of tangible & intangible assets on the face of the Balance sheet. Revised Schedule VI Fixed assets to be shown under non-current assets and it has to be bifurcated in to Tangible & intangible assets on the face of the Balance Sheet

11.

Investments

Both current & non-current Current and non-current investments to be disclosed investments are to be under the head investments discosed separately under current assets & non-current assets respectively
Lease deposits are part of loans & advances Lease deposits to be disclosed as long term loans & advances under the head non-current assets

12

Deposits

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI

Sr. No 13 Particulars Cash & Bank Balances Old Schedule VI Bank balance to be bifurcated in scheduled banks & others Revised Schedule VI Bank balances in relation to earmarked balances, held as margin money against borrowings, deposits with more than 12 months maturity, each of these to be shown separately. Loans & Advances to be broken up in long term & short term and to be disclosed under noncurrent & current assets respectively And further bifurcation with capital advances security deposits etc.

14

Loans & Advances

Loans & Advance are disclosed alongwith current assets

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI

Sr. No 15 Particulars PROFIT & LOSS EXPENSES Old Schedule VI Any item under which expense exceeds one per cent of the total revenue of the company or5,000 which ever is higher; was disclosed separately Finance cost to be classified in fixed loans & other loans Revised Schedule VI Any item of income / expense which exceeds one per cent of the revenue from operations or1,00,000, which ever is higher; to be disclosed separately Finance cost shall be classified as interest expense, other borrowing costs & Gain / Loss on foreign currency transaction & translation

16

Finance Cost

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI

Sr. No 17 Particulars Rounding off of Figures appearing in financial statement Old Schedule VI Turnover of less than 100 Crores - R/off to the nearest Hundreds, thousands or decimal thereof Turnover of 100 Crores or more but less than500 Crores - R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof Turnover of 500 Crs or more R/off to the nearest Hundreds, thousands, lakhs, millions or crores, or decimal thereof Revised Schedule VI Turnover of less than 100 Croress - R/off to the nearest Hundreds, thousands, lakhs or millions or decimal thereof Turnover of 100 Croress or more - R/off to the nearest lakhs, millions or crores, or decimal thereof

COMPARISON BETWEEN OLD & REVISED SCHEDULE VI

Sr. No 18 Particulars Purchases Old Schedule VI The purchase made and the opening & closing stock, giving break up in respect of each class of goods traded in by the company and indicating the quantities thereof. Revised Schedule VI Goods traded in by the company to be disclosed in broad heads in notes. Disclosure of quantitative details of goods is diluted