Prachi Srivastava (Finance) (368 Points)
07 November 2014Hi All,
I am doing CHapter of amalgamation as of now. In that I am required to prepare Balance Sheet as per Schedule VI.
In book, they are constantly using Horizontal Format, whereas I am more comfortable with Vertical format.
Will it be right if I use Vertical format during the exam? All contents that I put under Liabilities and Assets matches with book, only difference is there in Horizontal and Vertical format.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 07 November 2014
Revised Schedule VI under Companies Act, 1956 or Schedule III under Comapnies Act, 2013 prescribes only the vertical format for presentation of Financial Statements. Horizontal format was prescribed in Old Schedule VI.
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Hence, you should use only the vertical format in exams.
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