What is Schedule VI of Companies Act, 1956?
What is Schedule VI of Companies Act, 1956?
Schedule VI to the Companies Act, 1956 deals with the form of Balance Sheet and Profit and Loss Account and classified disclosure to be made therein and it applies uniformly to all the companies registered under the Companies Act, 1956, for the preparation of financial statements of an accounting year.
What are the requirements of Schedule VI?
The Revised Schedule VI requires that except in the case of the first Financial Statements laid before the company after incorporation, the corresponding amounts for the immediately preceding period are to be disclosed in the Financial Statements including the Notes to Accounts.
What is Section 4 of Companies Act?
According to Section 4 of the Companies Act, 2013, the MoA is a legal document specifying information about the shareholding of the company. It also outlines the scope of the company’s business activities. Further, it is prepared for the purpose of registering the company. It is also called the charter of the company.
What is Schedule VI Balance Sheet?
Schedule-VI Balance Sheet provides the representation of company’s financial position at any point in time in the Schedule VI format of Companies Act.
Which of the following is not required to be prepared under the Companies Act?
Correct Option:- (D) Funds Flow Statement A fund flow statement is a statement shows the inflow and outflow of the fund i.e., the source of fund and where it is utilized. This is a correct option because according to companies Act, it is not necessary to prepare the flow fund statement.
What is schedule IV of Companies Act, 2013?
(1) The performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated. (2) On the basis of the report of performance evaluation, it shall be determined whether to extend or continue the term of appointment of the independent director.
What is the difference between schedule III and schedule VI?
21 April 2015 Schedule III of the Companies Act, 2013 contains a format for preparation and presentation of financial statements. . Except for addition of general instructions for preparation of Consolidated Financial Statements (CFS), the format of financial statements given in the Companies Act, 2013 is the same as …
What is Company Act 1956 explain it in detail?
The Companies Act 1956 was an Act of the Parliament of India, enacted in 1956, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.
Which section of the Companies Act 1956 has defined a share?
Shares are considered as a type of security. Securities is defined in the Sub-section 80 of Section 2 of the said Act, which refers to the definition of the securities as defined in clause (h) of section 2 of the Securities Contracts Act, 1956.
What are the rules regarding the preparation and presentation of the final accounts of a company under the Companies Act 2013 explain?
Section 210 of the Companies Act governs the preparation of final account of a Company. The Board of Directors of a Company must, within 18 month from the date of incorporation, and subsequently once a year, lay take the company in general meeting the Balance Sheet of the Company and a Profit and Loss Account.
