Co balance sheet rounding off
This query is : Resolved
06 August 2014
friends,
pls tell me company balance sheet is rounded off to nearest 100 or 1000 or 100000 rs.
07 August 2014
Revised Schedule VI requires use of the same unit of measurement uniformly throughout the financial statements and ‘Notes to Accounts’. Rounding off requirements, if opted, are to be followed uniformly throughout the financial statements and ‘Notes to Accounts’. Rounding off requirements are as under--
* Turnover < Rs.100 crore
Round off to the nearest hundreds, thousands, lakhs or millions or decimal thereof.
* Turnover over Rs.100 crore
Round off to the nearest lakhs, millions or crores, or decimal thereof.
* Turnover < Rs.100 crore
Round off to the nearest hundreds, thousands, lakhs or millions or decimal thereof.
* Turnover over Rs.100 crore
Round off to the nearest lakhs, millions or crores, or decimal thereof.
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