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Schedule 3 - financial statements

08 February 2024

1- can we make change in statement of profit and loss like add new head of expense etc
2- if current liability is not settled with 12 months do we have convert it into non current liability? (is there any guideline regarding this)

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7 Replies

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 08 February 2024

In as accounting, no guidance! Using rationality, all c/f balances will still remain in thier own headings for the purpose of analysis eg., creditor days because you only have one ledger for them called sundry creditors

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Saravanan nagaraj (463 Points)
Replied 08 February 2024

For current year financial statements like profit and loss, you can add new heads of expenses. Classify the expenses then categorise it.

If you make this same correction into your previous year filed profit and loss. You should decleared in revised return or updated return. If there is no changes in your profit. No need file correction. Don't try interrupt or manipulate anything declared.

Current liabilities means, which liabilities, you could settle this outstanding before 12 months. Those are current liabilities. Incase, you couldn't pay within 12 months. No need transfer any other ledger. Keep it them in the same and close next financial year.

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 08 February 2024

Originally posted by : Saravanan nagaraj
	For current year financial statements like profit and loss, you can add new heads of expenses. Classify the expenses then categorise it. If you make this same correction into your previous year filed profit and loss. You should decleared in revised return or updated return. If there is no changes in your profit. No need file correction. Don't try interrupt or manipulate anything declared. Current liabilities means, which liabilities, you could settle this outstanding before 12 months. Those are current liabilities. Incase, you couldn't pay within 12 months. No need transfer any other ledger. Keep it them in the same and close next financial year.