Financial Statements format as per Schedule III of Companies

Act 2013
Balance Sheet of ____ as on _______
Figures as Figures as
at the end at the end
Note
Particulars of current of Previous
No.
reporting reporting
period period
Assets
1 Non-Current Assets
(a) Property, Plant and Equipment
(b) Capital work-in-progress
(c) Investment property
(d) Goodwill
(e) Other intangible assets
(f) Intangible assets under development
(g) Biological assets other than bearer plants
(h) Financial Assets
(i) Investments
(ii) Trade receivables
(iii) Loans
(i) Deffered tax assets (net)
(j) Other non-current assets
2 Current Assets
(a) Inventories
(b) Financial Assets
(i) Investments
(ii) Trade receivables
(iii) Cash and Cash Equivalents
(iv) Bank Banlances
(v) Loans
(vi) Others (to be specified)
(c) Current Tax Assets (net)
(d) Other current assets
Total Assets
Equity and Liabilities
1 Equity
(a) Equity share capital
(b) Other Equity
2 Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings
(ia) Lease liabilities
 (ii) Trade payables
(iii) Other financial liabilities
(b) Provisions
(c) Defferred tax liabilities (net)
(d) Other non current liabilities
Current Liabilities
(a) Financial Liabilities
(i) Borrowings
(ia) Lease liabilities
(ii) Trade payables
(iii) Other financial liabilities
(b) Other current liabilities
(c) Provisions
(d) Other Tax liabilities (net)
Total Equity and Liabilities

Statement of Profit and Loss of ____________for the Period Ending _______________

Figures as at Figures as at
the end of the end of
Note
Particulars current Previous
No.
reporting reporting
period period

I Revenue from Operations

II Other Income
III Total Income (I +II)
IV Expenses
Cost of Material Consumed
Purchases of Stock in Trade
Changes in inventories of finished goods, stock in
trade and work in progress
Employee benefits expenses
Finance Costs
Depreciation and Amortisation Expenses
Other Expenses
Total Expenses (IV)
V Profit Before Tax (PBT) (III - IV)
VI Tax Expense
(1) Current Tax
(2) Defferred Tax
VII Profit (Loss) for the Period (V - VI)
 VIII Other Comprehensive Income
IX Total Comprehensive Income (VII + VIII)
X Earnings Per Equity Share
(1) Basic
(2) Diluted

Adjustments in Financial Statements

There might be a few accounting transactions relating to the accounting period
which might not have been taken into consideration by the time the trial balance
has been prepared. These transactions need to be adjusted while preparing
financial statements. Some of the important adjustments and their treatment in
financial statements is given below.

Adjustment - 1. Closing Stock

If given in Trial Balance
Show only in Balance sheet under Current Assets

If given in Adjustments
1. Show it in Statement of Profit and Loss under Changes in Inventories
2. Show it in Balance sheet under Current Assets

Adjustment - 2. Outstanding Expenses

If given in Trial Balance
Show it only in Balance Sheet under other current liabilities

If given in Adjustments
1. Add it to the concerned expense in Statement of Profit and Loss
2. Show it in Balance Sheet under other current liabilities
Adjustment - 3. Prepaid Expenses
If given in Trial Balance
Show it only in Balance Sheet under other current assets

If given in Adjustments
1. Deduct it from the concerned expense in Statement of Profit and Loss
2. Show it in Balance Sheet under other current assets

Adjustment - 4. Accrued/Outstanding Income

If given in Trial Balance
Show it only in Balance Sheet under other current assets

If given in Adjustments
1. Add it to the concerned income in Statement of Profit and Loss
2. Show it in Balance Sheet under other current assets

Adjustment - 5. Income Received in Advance

If given in Trial Balance
Show it only in Balance Sheet under other current liabilities

If given in Adjustments
1. Deduct it from the concerned income in Statement of Profit and Loss
2. Show it in Balance Sheet under other current liabilities
Adjustment - 6. Depreciation
If given in Trial Balance
Show it only in Statement of Profit and Loss under Depreciation and
Amortisation Expenses

If given in Adjustments
1. Deduct it from the concerned Non current assets in Balance Sheet
2. Show it in Statement of Profit and Loss under Depreciation and
Amortisation Expenses

Adjustment - 7. Baddebts
If given in Trial Balance
Show it only in Statement of Profit and Loss under other expenses

If given in Adjustments
1. Deduct it from Trade Receivables (debtors) in Balance Sheet under
Current Assets
2. Show it in Statement of Profit and Loss under other expenses

If given both in Trial Balance and Adjustments

Baddebts given in trial balance are called old baddebts and baddebts given
in adjustments are called new baddebts.
1. Deduct only new badebts from Trade Receivables (debtors) in Balance
Sheet under Current Assets
2. Show it in Statement of Profit and Loss under other expenses by adding
new baddebts to old baddebts

If both baddebts and Provision for doubtful debts (if given as % of Debtors)
are given in adjustments, then first deduct new baddebts from trade
receivables (Debtors) in balance under current assets and only on net
debtors calculate the % of new provision amount and then deduct it from
debtors.
Adjustment - 9. Interest on Capital
If given in Trial Balance
Show it only in Statement of Profit and Loss under Other Expenses

If given in Adjustments
1. Add it to capital in Balance Sheet under Equity
2. Show it in Statement of Profit and Loss under Other Expenses

Adjustment - 10. Interest on Drawings

If given in Trial Balance
Show it only in Statement of Profit and Loss under Other Income

If given in Adjustments
1. Add it to drawings in Balance Sheet under Equity
2. Show it in Statement of Profit and Loss under Other Income

Adjustment - 11. Goods Distributed as Free Samples

If given in Trial Balance
Show it only in Statement of Profit and Loss under Other Expenses as
advertisement expenses

If given in Adjustments
1. Deduct it from Purchase of Stock in Statement of Profit and Loss
2. Show it in Statement of Profit and Loss under Other Expenses as
advertisement expenses
Adjustment - 12. Loss of Stock by Fire
If given in Trial Balance
Show it only in Statement of Profit and Loss under Other Expenses

If given in Adjustments

If Stock is fully insured

1. In Statement of Profit and Loss deduct it from Purchases of Stock

2. Show it in Balance Sheet under other current assets

If Stock is partly insured

1. In Statement of Profit and Loss deduct it from Purchases of Stock
2. In Statement of Profit and Loss show it under other expenses with the
value od stock not insured
3. Show it in Balance sheet under other current assets with the value of
stock insured

If stock is not insured at all.

1. In Statement of Profit and Loss deduct it from Purchases of Stock
2. In statement of Profit and Loss show it under other expenses