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Revised schedule vi for electricity company

CA girl (Article Trainee-CA Final) (1942 Points)

30 October 2012

In the definition of Revised Schedule VI it is given that it is not applicable for Electricity companies... But in the latest RTP issued by the institute for Nov 2012-IPCC Group 2 exams- Advanced Accounting there is a question to prepare balance sheet of Electricity companies as per revised schedule VI.... Please Help...how is it possible?

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CA Saroj Kumar (Keen to learn something new every moments) (2588 Points)
Replied 30 October 2012

IS there is any solution if any whats talking about the solution please provide details.

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Deepak Gupta (CA Student) (15922 Points)
Replied 30 October 2012

As such, u/s 211(1) & (2) Proviso, Sch VI (R) is not applicable to any Insurance / Banking / Electricity Companies.
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However, for Companies engaged in the generation and supply of Electricity, there is no prescribed format for presentation of Financial Statements, either in the Electricity Act, 2003, or the Rules framed thereunder.
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Sec.616(c) states that the Companies Act will apply to Electricity Companies, to the extent it is not contrary to the requirements of the Electricity Act. Hence, Sch VI (R) may be followed by Electricity Companies till the time any other format is prescribed by the relevant statute.

This chapter, Electricity Company, has been updated in the ICAI study material and Revised Schedule VI has been incorporated. But this material is applicable for May & Nov 2013 exams.
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For Nov 2012 just be familiar with Revised Schedule VI and do not worry more. All the Best.

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CA girl (Article Trainee-CA Final) (1942 Points)
Replied 30 October 2012

In the solution...the problem is solved as per revised schedule Vi..ie;Balance Sheet is prepared as per Revised schedule VI.. Here is the link for the paper...problem No.10

https://220.227.161.86/27595rtp_nov12_ipcc_gp2-5.pdf

Thanks.

CA Saroj Kumar (Keen to learn something new every moments) (2588 Points)
Replied 30 October 2012

I completly agree wid mr Depak and Currently i have done audit of Electricity Companies of Gujarat and i found they are also maintaining their accounts as per Schedule VI.

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CA PRIYANSH SURYAWANSHI (M.Com M.A. Economics CA) (1294 Points)
Replied 31 October 2012

I M POSTING THE LATEST UPDATED FILE FOR ELECTRICITY CO A/C & OTHER NORMS... PLZ CHECK

Attached File : 780040 1078408 20005ipcc paper5 cp7 01 001.pdf downloaded: 581 times

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vipul jain (EFFORTS NEVER FAIL) (2894 Points)
Replied 31 October 2012

As such, u/s 211(1) & (2), Schedule VI(R) is Not applicable to any Insurance/Banking/Electricity Companies...

However, for Companies engaged in the generation and supply of Electricity, there is no prescribed format for presentation of Financial Statements, either in the Electricity Act, 2003, or the Rules framed thereunder..

Sec. 616(c) states that the Companies Act will apply to Elect Companies, to the extent it is not contrary to the requirements of the Electricity Act.

Conclusion-->> Schedule VI(R) may be followed by Electricity Companies till the time any other format is prescribed by the relevant statute..

For Nov. 12 Exam-->> Follow RTP....Adv Acc me ek ques h elect co ka ....jo ICAI ne New format i.e. Schedule VI(R) se solve kiya h....so follow RTP.... wish u ol d best:-)

Thanks & Regards

Vipul Jain

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