Question

The format for preparation of balance sheet is provided in ______ of schedule ________ of the companies act.

• A. part I, schedule II
• B. part II, schedule II
• C. part A of schedule VI
• D. part I schedule III

Answer 1

The correct option is D part I schedule III

Schedule III of Companies Act, 2013 specified General Instructions for preparation of balance sheet and statement of profit and loss of a company which includes compliance of the accounting standards; requirement of disclosures, notes to the accounts, round off; format for preparing balance sheet and statement of profit and loss account for making law uniform to all. In which part I of schedule III provides the format for preparing balance sheet.