Financial
statements of companies
Following provisions of
the Indian Companies Act, 2013 have to be followed while preparing the
financial statements of a company:
i.
As per Section 2 (40), financial statements include balance sheet,
profit and loss account / income and expenditure account, cash flow statement,
statement of changes in equity and any explanatory note annexed to the above.
ii.
Section 129 (1) of the Indian Companies Act, 2013 states that the
financial statements shall give a true and fair view of the state of affairs of
the company and shall comply with the Accounting Standards notified under
section 133.
iii.
Section 129 (1) also states that the financial statements shall be
prepared in the form provided in schedule III of Indian Companies Act, 2013.
Note: Statement of profit and
loss (Part II of Schedule III) and Balance Sheet (Part I of Schedule III)
have been given only for understanding purpose and not for examination.
Schedule III of the
Companies Act, 2013
PART II – STATEMENT OF
PROFIT AND
LOSS Name of the Company
…………………
Profit and loss
statement for the year ended ……………
(Rupees in ……..)
PART I – BALANCE SHEET
Name of the
Company…………..
Balance Sheet as
at……………...
(Rupees in…………..)
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