I know that Revised Schedule VI is applicable from November examination onwards
My question is that should we prepare all balance sheets as per schedule VI..?(i.e; of partnerships etc)..??
pls help.....i'm confused
18 Replies
CA Pooja Agarwal
(Chartered Accountant)
(3228 Points)
Replied 26 October 2012
yes all balance sheets should be prepared as per revised format
CA.Ganesh
(Practicing Chartered Accountant)
(308 Points)
Replied 26 October 2012
Shedule VI provides format for Financial Statements of Companies and not for other forms of organisations such as partnership firms
CA Tarachand kumawat
(Partner)
(23 Points)
Replied 26 October 2012
Yes all balance sheets should be prepared according revised schedule VI
CA Ram
(CA)
(310 Points)
Replied 26 October 2012
Yes all balance sheets should be prepared according revised schedule VI
Siddhartha
(Student Audit Assistant)
(272 Points)
Replied 26 October 2012
Hi,
Only the Balance Sheet and Profit and Loss A/c of a Company should be prepared as per Revised Scheducle VI as it is applicable only for companies and not for Sole Proprietors/ Firms etc.,
CA Roshan Jha
(CA (Practice))
(858 Points)
Replied 26 October 2012
Revised Schdule vi is applicable only to companies incorporated under companies act and not to partnership etc, hence partnership final accounts need not be prepared as per revised sch vi.
Narendra choudhary
(mumbai)
(109 Points)
Replied 26 October 2012
Schedule VI is applicable only on Company. i mean only for ITR - 6
MOHAMMAD SALIM
(Chartered Accountant)
(1729 Points)
Replied 26 October 2012
Though Revised Schedule Vi is applicable for all companies. It is not applicable for Banking Companies and Insurance Companies in terms to proviso of Sec 211(1) and (2) of the Companies Act, 1956. For electricity companies the exemption is infructous, they need to use revised schedule Vi...
Disha Popat
(student)
(39 Points)
Replied 27 October 2012
revised shedule vi is applicable to companies only and not to the partnership firm or individual....
Dhaval
(Job)
(794 Points)
Replied 27 October 2012
Schedule VI is applicable only to the companies as per Companies act, 1956.
It is not applicable to partnership or proprietorship.
Iti Gupta
(any)
(155 Points)
Replied 27 October 2012
BT I SUPPOSE REVISED SCHEDULE VI IS NOT APPLICABLE ON ELECTRICITY COMPANIES N INSURANCE COMPANIES.....
NUZHAT ZEHRA
(IPCC STUDENT)
(76 Points)
Replied 28 October 2012
hii.. my query is that there is no balancesheet in revised schedule format in rtp... i want to practise some questions solved according to revised schedule...can any one provide me..??? plzz...
Disha Popat
(student)
(39 Points)
Replied 28 October 2012
Thr is a question of revised shedule vi in RTP. in the question of electricity they ask to make balance sheet as per the revised shedule vi...
@ Iti-
you are right. Revised shedule vi is not applicable to Eletricity, Insurance and banking as they have specific format except specific instruction is given in the question.
Siddhartha
(Student Audit Assistant)
(272 Points)
Replied 28 October 2012
Nuzhat, you can download ICAI's guidance note on Revised schedule VI which contains the format and disclosures on this link
https://220.227.161.86/28153bos17786.pdf
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