Question
Download Solution PDFAs per the provisions of the Companies Act, 2013, (except in the case of insurance company, banking company, company engaged in generation or supply of electricity etc.) Balance Sheet is required to be prepared as per the form set out in ______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe Correct Answer is Part I of Schedule III
Key PointsBalance Sheet: A balance sheet is a financial statement of a company that represents the values of its assets, liabilities, and Shareholder's Equity at a specific time. It basically represents the financial position of a company.
The guidelines and pro format of preparation of the balance sheet of a company are defined under Schedule III Section 129 of Companies Act 2013.
Important PointsPreparation of the balance sheet of insurance company, banking company, company engaged in generation of supply of electricity are NOT included in Schedule III of Companies Act 2013.
- Preparation of balance sheet of an insurance company is defined in Part II of the First Schedule of Insurance Act, 1938.
- Preparation of balance sheet of banking company third schedule of Banking Regulation Act, 1949
- Preparation of balance sheet of a company engaged in generation or supply of electricity is defined in 6th and 7th Schedules of Electricity Supply Act, 1948.
Last updated on May 28, 2024
The Uttar Pradesh Power Corporation Limited (UPPCL) is expected to release the recruitment process of UPPCL Assistant Accountant. The vacancy details will be released along with the detailed notification. In 2022, a total of 186 vacancies were released. Candidates who want a successful selection for the post must refer to the UPPCL Assistant Accountant Preparation Tips to improve their preparation for the UPPCL exam.