Revised schedule vi-urgent-pls help

This query is : Resolved

Vinitha (Querist)
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26 October 2012 I m giving my IPCC grp-2 attempt this November.I had studied all the chap of Adv. A/c as per old format.I had a doubt if B/s to be prepared as per Revised Schedule VI for Electricity,Insurance & Banking Company?As per RTP in Electricity Revised schedule VI is followed,but the Question had specifically asked for the same..What is to be done if nothing has been specified??What is to be done in case of banking,Please reply as soon as possible..

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
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26 October 2012 Electricity and Banking companies are governed by their respective laws and revised schedule VI is not applicable to those.

CA Kishore Tallam

CA Kishore Tallam (Expert)
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27 October 2012 In addition to the above, since no format is prescribed for Electricity companies in their respective act, they also have to follow Rev Sch VI.

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Vinitha

Vinitha (Querist)
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28 October 2012 So sir will the format of making financial statement for Electricity company fully change??as in case of the old format we used to carry the balances from different Statements such as statement of share and loan capital,St. of Capital Expenditure etc..I think then B/s would be prepared as per revised schedule and all the others will be shown as notes to Accounts..But what about the P& L A/c..i.e Statement of operating Revenue,Expenses etc..will there be a change in the same..How is the same to be accounted..kindly Guide me.. And also the format for making Financial statement for Insurance and banking would remain the same na??Sorry but im bit tensed & confused as the dates r approaching near...

MOHAMMAD SALIM

MOHAMMAD SALIM (Expert)
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30 October 2012 First are u talking about electricity board or electricity companies. As since promulgation of electricity act, 2003 wherein no accounting formats / guide r provided for electricity companies, such companies need to fall back on the Companies act i.e Schedule VI and cannot claim exemption under proviso to 211(1) and (2) of Cos ACt.