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Schedule 3 balance sheet format.
The Division I format under the Companies Act, 2013, line by line, with the notes it needs. Download a complete sample as Excel or PDF.
Who uses Division I.
Schedule III has three divisions. Division I is for companies that follow the Companies (Accounting Standards) Rules, 2021: most private limited companies, one person companies and smaller public companies. Division II is for companies that follow Ind AS (other than NBFCs), and Division III for NBFCs that follow Ind AS. Proprietorships, partnership firms and LLPs are not covered by Schedule III; they use the ICAI format for non-corporate entities.
The balance sheet, line by line.
| Particulars | Note | Current year | Previous year |
|---|---|---|---|
| I. Equity and liabilities | |||
| (1) Shareholders' funds | |||
| (a) Share capital | ✓ | ||
| (b) Reserves and surplus | ✓ | ||
| (c) Money received against share warrants | ✓ | ||
| (2) Share application money pending allotment | ✓ | ||
| (3) Non-current liabilities | |||
| (a) Long-term borrowings | ✓ | ||
| (b) Deferred tax liabilities (net) | ✓ | ||
| (c) Other long-term liabilities | ✓ | ||
| (d) Long-term provisions | ✓ | ||
| (4) Current liabilities | |||
| (a) Short-term borrowings | ✓ | ||
| (b) Trade payables | ✓ | ||
| Total outstanding dues of micro and small enterprises | |||
| Total outstanding dues of other creditors | |||
| (c) Other current liabilities | ✓ | ||
| (d) Short-term provisions | ✓ | ||
| II. Assets | |||
| (1) Non-current assets | |||
| (a) Property, plant and equipment and intangible assets | |||
| (i) Property, plant and equipment | ✓ | ||
| (ii) Intangible assets | ✓ | ||
| (iii) Capital work-in-progress | ✓ | ||
| (iv) Intangible assets under development | ✓ | ||
| (b) Non-current investments | ✓ | ||
| (c) Deferred tax assets (net) | ✓ | ||
| (d) Long-term loans and advances | ✓ | ||
| (e) Other non-current assets | ✓ | ||
| (2) Current assets | |||
| (a) Current investments | ✓ | ||
| (b) Inventories | ✓ | ||
| (c) Trade receivables | ✓ | ||
| (d) Cash and cash equivalents | ✓ | ||
| (e) Short-term loans and advances | ✓ | ||
| (f) Other current assets | ✓ |
The statement of profit and loss.
| Particulars | Note | Current year | Previous year |
|---|---|---|---|
| I. Revenue from operations | ✓ | ||
| II. Other income | ✓ | ||
| III. Total income (I + II) | |||
| IV. Expenses | |||
| Cost of materials consumed | ✓ | ||
| Purchases of stock-in-trade | ✓ | ||
| Changes in inventories of finished goods, work-in-progress and stock-in-trade | ✓ | ||
| Employee benefits expense | ✓ | ||
| Finance costs | ✓ | ||
| Depreciation and amortisation expense | ✓ | ||
| Other expenses | ✓ | ||
| Total expenses (IV) | |||
| V. Profit before exceptional and extraordinary items and tax (III − IV) | |||
| VI. Exceptional items | |||
| VII. Profit before extraordinary items and tax | |||
| VIII. Extraordinary items | |||
| IX. Profit before tax | |||
| X. Tax expense: current tax, deferred tax | |||
| XI–XIV. Profit from continuing and discontinuing operations | |||
| XV. Profit (loss) for the period | |||
| XVI. Earnings per equity share: basic and diluted |
The notes it needs.
The face of the statements is the easy part. Most of the work is in the notes, and the 2021 amendments added several of them.
- Share capital: authorised, issued and subscribed shares, the reconciliation of shares outstanding, holders of more than 5% and the shareholding of promoters with the change during the year.
- Borrowings split into secured and unsecured, with current maturities of long-term debt shown under short-term borrowings.
- Ageing schedules for trade receivables, trade payables (with MSME dues apart) and capital work-in-progress.
- Property, plant and equipment: gross block, depreciation and net block by class, with title deeds not held in the company's name.
- Eleven ratios with an explanation of any change of more than 25% over the previous year.
- Additional regulatory information: benami property, wilful defaulter, struck-off companies, crypto currency, undisclosed income and more.
- Related parties, contingent liabilities and commitments, and the accounting policies.
Make it from Tally in minutes. Schedule III Builder reads the trial balance from TallyPrime (or Excel), maps each ledger to the line above, and writes every note, including ageing, ratios and promoter shareholding. You review; it formats.
Questions.
Which companies use Division I?
Companies following the Companies (Accounting Standards) Rules, 2021, that is, companies not required to follow Ind AS. Ind AS companies use Division II, and NBFCs following Ind AS use Division III.
Is the cash flow statement required?
Yes for companies, except a one person company, a small company and a dormant company, which may omit it under section 2(40) of the Companies Act, 2013.
What changed in 2021?
Amendments notified on 24 March 2021 added ageing of receivables, payables and CWIP, promoter shareholding, the ratios with reasons for large changes, and additional regulatory information, applicable from 1 April 2021.
Can I use the sample for my client?
Use it as a reference for the layout and the notes. The figures are of a sample company; the format and the notes depend on each client's facts.