Points To Remember for New Schedule VI

BALANCE SHEET


1) Share Capital  - Shares By Holding / Ultimate Holding / and those with 5% holding should be Disclose Specifically.

2) Reserve & Surplus - Allocation and Appropriation of the Income should be Shown Here. All +/- from Profit / Loss A/c - NEGATIVE RESULT TO BE SHOWN AT LIABILITY SIDE ONLY.

3) Share Application - Period in Which to be allotted / amount of Premium / Sufficient Authorized Capital for the same.

4) Current Liability - To Put any item under CL it should come under any of the following : -
i) That Should be Settle within period of Normal operating Cycle ( Default : 12 M) or
ii) Held for the purpose of Trade.
iii) Etc.
These Should be Disclosed in the Following Heads :
i) Short Term Borrowing
ii) Trade Payables
iii) Other Current Liability
iv) Short Term Provision

5) Current Asset - To Put any item under CA it should come under any of the following : -
i) That Should be Sold / Settle within period of Normal operating Cycle ( Default : 12 M) or

ii) Held for the purpose of Trade.

iii) Etc.

Trade Receivables - 

i) Not Exceeding Six Month

ii) Exceeding Six Month 

from Date of Payment get due.

Cash & Cash Equivalent -

i) Balance with Bank

ii) Cash in Hand

iii) Disclose Separately 

- Balance of Unpaid Dividend

- Margin Money / Securities 

- Repatriation Restrictions

6) Fixed Asset / Capital Work in Progress - 

CWIP Should have only Construction Work 

i) Capital Advance Should be Included under Long Term Loan & Advances

ii) Intangible Asset Ready for Capitalization Should be Shown Separately.

7) Investment - Agg. Value for Dimulation of Investment - Disclose. 

8) Misc. Expenses - No Specific Discloser Requirement. 

9) Format - Only Vertical Format is Available. 

PROFIT & LOSS

1)  Format - Specified in New Sch. VI

2) End of P&L - Result Would be Profit of CY. in old one it was remaining Profit/loss after appropriation

3) Item need to be shown Separately - Which are :- 1% of Revenue from Operation or 1,00,000 (Which Higher) - In old Sch. VI it was 1% of Total Revenue or 5,000 (Which Higher)

4) Managerial Remuneration - No Need to Disclose it, as calc. u/s 350. in earlier discloser is Compulsory 

5) Quantity Details are not Required. only those major one like Raw Material should be disclosed with Quantity. 

6) Interest Income - No Separate TDS should be disclosed.

Compiled By : Udit M. Mathur

09930590284

This is As per the opinion / summarized form of New Sch. VI. Author has tried as possible to avoid errors.

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