Co balance sheet rounding off

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SANIA

SANIA (Querist)
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06 August 2014 friends, pls tell me company balance sheet is rounded off to nearest 100 or 1000 or 100000 rs.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.