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Disclaimer: This model is only a guide. The objective is to ensure that all the
prescriptions and disclosures required by Schedule VI and the Accounting Standards
are made available. The Trial balance may require modifications/additions. Similarly
the Schedules/ Notes may ask for changes based on the requirements of individual
entities. The results are subject to the customization required.
Application Guidance for Accounting Standards in India
Step 1: Enter the general information of your company in the "General Info" sheet. Click on the OK button.
Step 2: A model trial balance is given in sheet "TB". This contains the list of the most commonly used account
Update the account balances of your Trial balance into the model trial balance. To do this, you can eith
manually against the relevant account head, or if your trial balance is in the excel format, it can be linke
cell reference in the cells(See note 3). The following information is relevant for the model trial balance:
1. Opening Balances: The opening balances for all items of assets and liabilities. For your ease, the ite
and other irrelevant cells have been shaded in grey colour and no d
2. Transactions : The total of debit transactions and credit transactions in a particular account durin
with reference to items of assets,liablities, income and expenses.
The account names used in the trial balance are generalised. You can modify the account description b
names. For example, in the model trial balance, an account head appears as " Secured Term Loans fro
overwrite this with an account name more meaningful to you say,"Term Loan- ICICI bank- 10 Lakhs". F
both in the balance sheet and Profit and Loss Account, the account name follows with the words "B/S I
their nature of their balance.
To locate the account names easily, you can use the Ctrl+ F option. Just type the keyword and browse
account names.
If you cannot find an account name you are looking for, you can insert additional account in the followin
A new account can be inserted only in specific areas in the trial balance,i.e.,before the rows shaded wi
When you place the cell pointer in the first column of the blue cells, a comment appears which indicate
be inserted in that place. Go to the blue cell which indicates the account type you want to insert. Then
in the blue cell, and fill in the balances.
Any number of rows can be inserted before the blue shaded rows to insert additional accounts of the ty
care should be taken to copy the closing balance formula from the previous row.
If your trial balance has not been adjusted for closing entries like those for closing stock, appropriations
can be directly manually entered in the model trial balance. For accounts of this nature, the model trial
one in the nature of Profit and Loss Account Item and other in the nature of a Balance Sheet Item. To p
relevant opposite effect in the two types of accounts. For example, to pass the entry for "Appropriation
item called "General Reserve (P&L Item)" and credit the item called "General Reserve (B/S Item)" in th
Similarly to create a provision, debit the relevant item of Profit and Loss Account and credit the Balance
create provision for salaries, debit "Salaries to staff"account and credit "Provision for salaries" account.
for reversal of provisions.
For transfer of amount from one reserve to another, the debit and credit effect has to be given in the B/
If you want to enter the trial balance afresh, click on the RESET button.
Once you are done, Click on the DONE button.
Step 3: In case you have inserted an additional row (not merely typing in the blue row) for a new account in
to be updated in the Groupings to Profit and Loss Account/ Groupings to Balance Sheet, as the case m
steps below:
a. Go to either "Groupings to Profit and Loss Account" (GR PL) or "Groupings to Balance Sheet"(GR B
for the account newly created in the trial balance, that is, if the new account is in the nature of asset/l
Grouping, or if it is in the nature of income/expense, go to the Profit and Loss Account grouping.
b. Locate the grouping under which the newly created account falls. This can be done by searching the
option.
c. Each grouping to the Profit and Loss Account/Balance Sheet contains a row shaded in blue
the grouping, update the new account description and the opening/closing balance in the blue shade
d. One blue row is provided in each grouping to update the extra accounts. In case more than one acco
to be updated by inserting additional rows before the blue rows(See note 2)
The rows shaded in red color contain the totals of the groupings. They are not to be modified or altered
Step 4: Go to the "Groupings to Profit and Loss" Sheet. Update the figures of all income and expenses relating
in the cells shaded in green color.
Step 5: Go to the "Schedule" (Sch) sheet. It contains letters written in blue xxx These are to be overwritten
For example, the number of equity shares, face value, etc.
In case the newly added account in the Trial balance is such that would require descriptional disclosure
sheet, it can be done by inserting additional rows in the appropriate place (See note 2).
The Schedules also contains boxes shaded in blue These boxes are to be mandatorily fille
irrelevant.
The cells shaded in green have to be filled up with the corresponding previous year figur
Step 6: In the "Profit and Loss Account" (P&L)sheet, and cells have to be updated with
respectively.
Step 7: Go to the "Cash flow statement"(CF) sheet. Fill in the green and blue shaded cells which previous year
applicable. In case new accounts which involve cash inflow/outflow are inserted in the trial balance the
the relevant links in the cash flow statement are modified accordingly (See note 2).
If discontinuing operations are applicable, update the figures in the second table.
Certain kinds of transactions, which are routed through reserves and share premium account, like issue
of dividend from general reserve, grants received etc., may require suitable modifications to be done i
Step 8: The general format of notes to accounts including Significant Accounting Policies are given. These can
based on the facts and circumstances. To modify, first unprotect the sheet (See note 2). Then just
needs to be modified. A small word document opens. Make necessary changes, and once you are thro
excel sheet area to view the changed text.
Step 9: In The "Balance Sheet Abstract and General Business Profile" key-in the details like state code of the c
product description.
Step 10: Before taking a print out of the statements, check the page alignment. You can hide (not delete)
your requirements. If colour option is not required, print can even be taken in black and white.
Note 1: Schedule VI of the Companies Act provides for rounding off rules. They are as under:
Where the turnover of the company in any financial year is Round off Permissible:
(i) Less than one hundred crore rupees to the nearest hundreds or thousands, o
decimals thereof.
(ii) One hundred crore rupees or more but less than five to the nearest hundreds, thousands,
hundred crore rupees lakhs or millions, or decimals thereof.
(iii) five hundred crore rupees or more to the nearest hundreds, thousands,lakh
millions,or crores or decimals thereof.
Accordingly, while entering the figures in the trial balance, care should be taken to adhere to the above
Note 2: Before making changes like inserting additional rows, or modifying the notes to accounts, the sheet ha
the sheet, click on Tools Protection Unprotect. A current password is 'acc'. It can be modified
Note 3: The trial balance of a typical accounting software,for example,Tally, will list the accounts in the followin
Balance Sheet Debit balances, Profit and Loss Account credit items, Profit and Loss Account debit side
balance of this model, the accounts have been arranged in the alphabetical order. For quick updation o
or by linking) in the model trial balance, follow the steps below:
a. Import the Accounting Software Trial Balance into a different excel file. A small trial balance contai
d. Now your Trial balance is alphabetically sorted, and updation / linking to the model trial balance can
Note 4: Small text messages called "Help Notes" will guide you through the data entry process at the relevant a
Note 5: To get a better view of any of the subsequent sheets, freeze or unfreeze the panes according to your c
do so, select the row where you want to freeze or unfreeze and select Window Freeze/Unfreeze p
s page before proceeding.
ilities. For your ease, the items of Profit and Loss Account
colour and no data need to be entered there.
in a particular account during the year/period. This is
expenses.
st hundreds, thousands,
ons, or decimals thereof.
st hundreds, thousands,lakhs,
ores or decimals thereof.
Closing
Cr.
500
Closing
Cr.
500
drop down box, select the column name in which the
, the account names appear in Column D. Select the
e will now appear in the ascending order, like this:
Closing
Cr.
500
Address :
Place :
Board Of Directors
1. Managing Director :
2. Executive Director :
Domestic sales
Sales- Exempted -
Sales- TNGST 10% -
Sales TNGST 3% -
- -
Sales-Cst 4% -
-
Export sales
Sales - DTA exports -
- -
Sales - Real exports -
-
Commission
Commission - Job 1 -
- -
Commission - Job 2 -
-
Profit/(Loss) on sale of Fixed Asset
Profit/(Loss) on sale of Plant and Machinery -
Profit/(Loss) on sale of Office Equipments -
Profit/(Loss) on sale of Electrical Machinery -
- -
Profit/(Loss) on sale of Other assets -
-
Profit on sale of business
Profit on sale of Business 1 -
Profit on sale of Business 2 -
- -
Profit on sale of Business 3 -
-
Profit/(Loss) on sale of long term investments
Profit/(Loss) on sale of quoted investments 1,000
- -
Profit/(Loss) on sale of unquoted investmens -
1,000
Profit/(Loss) on sale of current investments
Profit/(Loss) on sale of quoted investments -
- -
Profit/(Loss) on sale of unquoted investmens -
-
Dividend income from subsidiary
Dividend from subsidiary 1 -
- -
Dividend from subsidiary 2 -
-
Dividend income from trade investments
Dividend from trade investment 1 -
- -
Dividend from trade investment 2 -
-
Dividend income from other investments
Dividend income from other investment 1 -
- -
Dividend income from other investment 2 -
-
Interest income on Government securities
Interest income from security 1 -
- -
Interest income from security 2 -
-
Interest income on other investments
Interest income from other investment1 -
- -
Interest income from other investment2 -
-
Interest income on FD with banks
Interest from FD 1 -
- -
Interest from FD 2 -
-
Interest income on loans and advances
Interest income on staff advance -
- -
Interest income on labour advance -
-
Lease rentals
Lease rental from buildings -
- -
Lease rental from plant and machinery -
-
Job work income
Job work income - process 1 -
- -
Job work income - process 2 -
-
Insurance claims
Insurance receipts-building -
- -
Insurance receipts-plant and machinery -
-
Foreign exchange gain/(loss)
- -
Foreign exchange fluctuation -
-
Miscellaneous income
Interest on IT refund -
Canteen income -
- -
Rounding off -
-
Stores and spares consumed
Opening stock of stores and spares 6,000
Add: Purchases -
Less: Closing stock -
6,000
Power and Fuel
Electricity charges - Factory 650
- -
Diesel Expenses - Generator -
650
Factory Rent
Rent - factory 1 -
- -
Rent - factory 2 -
-
Repairs and maintenance-building
Repairs and maintenance-building 1 -
- -
Repairs and maintenance-building 2 40
40
Repairs and maintenance-plant and machinery
Repairs and maintenance- electrical equipments 960
Repairs and maintenance- machinery -
- -
Repairs and maintenance- other machinery -
960
Packing materials
Packing expense 1 -
- -
Packing expense 2 -
-
Processing charges
Processing charges - process 1 -
- -
Processing charges - process 2 -
-
Carriage Inwards
Freight charges -
Loading/unloading charges 150
- -
Octroi -
150
Excise Duty
- -
Excise duty 9,000
9,000
Other expenses
Other expenses -1 -
- -
Other expenses - 2 -
-
Salaries, Wages and bonus
Salaries to staff -
Factory wages -
Leave salary 500
Overtime Premium 500
Bonus to workers 500
- -
Bonus to staff 3,000
4,500
Contribution to PF and other Funds
Employer's contribution to PF - Staff -
Employer's contribution to PF - Labour 1,000
Provident fund Adminstration charges -
Contibution to ESI - employer 8,500
Group Gratuity -
- -
Superannuation fund -
9,500
Staff Welfare
Incentive to staff and labour -
Labour Trip hire charges 120
Canteen Expenses 160
Seminar and training charges -
Stipend to Labour -
Sports/ cultural day expenses -
Gratuity settlement to staff and labour -
Snacks and refreshment -
First Aid & Medical expenses -
- -
Uniform -
280
Rates and Taxes
ROC filing Fee 360
TDS return filing Fee -
Pollution Renewal Fee -
Stamping Fee -
- -
ISO Certification Fee 150
510
Rent- office
- -
Rent for office premises -
-
Travelling and Conveyance
Conveyance charges - local 2,150
Foreign Travel expenses 2,500
Petrol and Diesel expenses 240
- -
Director's travel expenses 3,000
7,890
Insurance
Insurance - Plant and Machinery -
Insurance - Building -
Insurance - Stock 1,500
Insurance for cash 120
Keyman Insurance 200
Stock in transit insurance -
- -
Group Insurance Premium -
1,820
Electricity - office
- -
Electricity charges for office 200
200
Managerial Remuneration
Directors' Salary 9,000
Sitting Fee 2,000
- -
Directors' Commission 6,000
17,000
Postage, Telegram and Telephone
Telehone charges - office -
Courier Charges 250
Internet Charges -
- -
Mobile Phone Expenses -
250
Printing and stationery
General stationery -
Computer stationery 500
- -
Letter head printing charges 100
600
Professional fees
Legal fees 1,000
Architect fees 680
- -
Designers fees 2,000
3,680
Audit fee
Internal audit fee 800
Statutory audit fee -
- -
Tax audit fee 500
1,300
Other Expenses
Office Maintenance -
Gardening -
Water expenses 200
Donation -
Subscription and periodicals -
Repairs to Office equipments 500
Pooja expenses -
- -
Repairs to vehicles -
700
Interest on Term Loan
Interest on Term Loan - Bank 1 -
Interest on Term Loan - Bank 2 -
- -
Interest on Term Loan - Bank 3 -
Interest on Term Loan - financial institution 1 500
- -
Interest on Term Loan - financial institution 2 -
Interest on Term Loan - secured-subsidiary 1 -
- -
Interest on Term Loan - secured-subsidiary 2 -
Interest on Term Loan - unsecured-subsidiary 1 -
- -
Interest on Term Loan - unsecured-subsidiary 2 -
500
Interest on Working Capital
Interest on O/D- Bank 1 -
- -
Interest on O/D- Bank 2 -
Interest on CC - Bank 1 -
Interest on CC - Bank 2 -
- -
Interest on CC - Bank 3 -
Interest on Fixed deposit 1 -
- -
Interest on Fixed deposit 2 -
-
Other Finance Charges
DD / TT Charges 50
LC Charges 240
Other bank Charges -
Interest on late payment to creditors -
- -
Banking Transaction Tax -
290
Interest on debentures
Interest on debentures- class 1 900
- -
Interest on debentures- class 2 -
900
Appropriations-Corporate dividend tax
Corporate dividend tax- interim dividend 200
- -
Corporate dividend tax- final dividend 1,000
1,200
Depreciation/Amortisation
Depreciation-Computer 250
Depreciation- Development of property 100
Depreciation-Electrical equipments 50
Depreciation-Freehold building -
Depreciation-Furniture 25
Depreciation-Machinery -
Depreciation-Office Equipments 200
Depreciation-Railway Sidings 100
Depreciation-Vehicles -
Amortisation on Goodwill 200
Amortisation on Other leased assets 150
Amortisation on Patents and Trademarks -
Amortisation on Software -
Amortisation on Technical knowhow -
Amortisation on Leasehold building -
- -
Amortisation on Leasehold land 50
1,125
rs & Contractors L.L.C.
-
50,000
20,000
-
5,000
75,000 - -
-
-
-
- - -
5,200
-
1,000
6,200 - -
-
11,000
-
-
5,000
16,000 - -
100
600
-
-
700 - -
-
-
-
- - -
2,000
-
-
2,000 - -
200
-
300
500 - -
-
-
-
- - -
-
-
-
- - -
-
-
-
- - -
-
-
-
- - -
800
-
-
800 - -
-
-
-
- - -
360
-
120
480 - -
4,500
-
250
4,750 - -
-
-
-
- - -
-
-
- - -
-
300
-
-
300 - -
-
-
(4,000) (6,000) -
(4,000) (6,000) -
-
-
-
- - -
-
-
-
- - -
-
-
-
- - -
-
-
-
-
- - -
-
-
-
- - -
-
-
-
- - -
-
-
-
-
- - -
-
-
- - -
-
-
-
- - -
-
-
-
-
-
-
-
- - -
-
-
-
-
-
-
-
- - -
-
-
-
-
-
-
-
-
-
-
-
- - -
-
360
-
-
-
-
360 - -
-
-
- - -
-
-
-
-
-
- - -
-
-
-
-
-
-
-
-
- - -
-
-
- - -
-
-
-
-
- - -
-
-
-
-
-
- - -
-
-
-
-
- - -
-
-
-
-
- - -
-
-
-
-
- - -
-
-
-
-
-
-
-
-
-
- - -
-
-
-
-
-
-
-
-
-
-
-
-
-
- - -
-
-
-
-
-
-
-
-
-
-
- - -
-
-
-
-
-
1,225
1,225 - -
-
-
-
- - -
-
-
-
- - -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- - -
- 8,250 - 250
Provision for FBT AY xxxx - - - -
- - - - -
Provision for FBT AY xxxx - - - -
- - - -
Provison for employee benefits
Bonus payable - 8,000 - 6,000
Salary - 200 - -
Wages - - - -
ESI Payable - 400 - -
- 8,600 - 6,000
SCHEDULE 8 - INVENTORIES
Acceptances - -
Sundry Creditors
- Due to Small Scale Industries (1,300) 1,000
- Other than Small Scale Industries 3,230 1,930 5,250 6,250
Payable to Subsidiary Companies 11,350 1,250
Advance payments and unexpired discounts for the portion for 4,180 (500)
which value has still to be given
Investor Education and Protection Fund
- Unclaimed dividend Year 1 - 800
- Unclaimed dividend Year 2 1,000 -
- Unpaid Application Money received by company for allotment 9,000 9,000
of securities and due for refund
- Unpaid matured deposits 2,000 2,000
- Unpaid matured debentures 5,000 5,000
- Interest accrured on the above 1,000 18,000 3,000 19,800
Security Deposits 2,500 2,500
Commission due to Directors (Net) 11,000 -
Sales tax payable (900) 800
Interest accrued but not due on loan
48,060 30,100
SCHEDULE 14 - PROVISIONS
A.Tangible Assets
Freehold land - - - - - - -
B. Intangible Assets
Software - - - - - - - - - -
Technical Knowhow - - - - - - - - - -
Previous year
Capital Work in Progress
- Tangible Assets - -
- Intangible Assets 1,000 5,000
1. Leasehold Land includes Rs.xxxx(Previous Year Rs.xxxx) in respect of which lease deeds are pending execution.
2. Gross Block includes Rs. xxxx added on revaluation of asset name as at xx.xx.xxxx.
3.Building /land includes cost of shares in co-operative societies Rs.xxxx.
4.Exchange rate differences arising during the year on foreign currency loans borrowed on acquisition/construction of fixed assets have been adjusted - increase
of Rs.xxxx - (Previous Year Rs.xxxx).
5.Class of asset include asset given on operating lease amounting to Rs.xxxx.
6.Capital work-in-progress includes advance against capital expenditure, asset name under installation/transit,construction material purchases,and other assets under
erection and pre-operative expenses.
7.Class of asset include Rs.xxxx being company's share of cost of asset name jointly owned with other corporates.
8. Other leased assets include:
Plant & Machinery - Rs. xxxx
Computers - Rs. xxxx
Any other class of asset - Rs. xxxx
Income
AS-9 Sales 17 75,000 -
Other income 18 33,230 -
Increase/(Decrease) in Stock 19 (4,500) 11,600
103,730 11,600
Expenditure
Manufacturing Expenses 20 9,800 (8,000)
Personnel Cost 21 14,280 -
Administrative and Selling Expenses 22 52,370 -
AS-16 Interest and Finance Charges 23 465 -
76,915 (8,000)
Profit before Depreciation 26,815 19,600
AS-6 Depreciation 1,125
Less: Transferred from Revaluation Reserve - (1,125) -
(Refer note no.xxx)
AS-5 Extraordinary Items
Loss due to earthquake -
Extraordinary gain -
AS-5 Prior period items -
Profit before tax 25,690 19,600
Profit from continuing operations before tax 13,690 19,600
AS-22 Less: Tax expense
- Current tax (8,600)
- Deferred tax 3,900
- Fringe Benefit tax (200)
Profit from continuing operations after tax (a) 8,790 19,600
Appropriations
Transfer to General Reserve -
G.N Preference dividend -
Interim dividend 5,000
Proposed dividend -
Corporate dividend tax 1,200 -
Surplus/(Deficit) carried to Balance Sheet 40,990 19,600
NOTES TO ACCOUNTS 16
I. Sources of Funds
Current Year
(Rs. in ……..)
The above Cash Flow Statement has been prepared under the indirect method set out in AS-3 issued by
have been regrouped and recast wherever necessary to conform to current year classification.
Continuing operations
AS- 24
Current year
This is the Cash Flow Statement referred to in our report of even date.
tractors L.L.C.
ATEMENT
25,690 19,600
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(9,210) - -
16,480 19,600
(32,690) -
(16,210) 19,600
(9,750)
(25,960) 19,600
-
- - -
(25,960) 19,600
32,480 -
93,755 -
100,275 19,600
11,800
112,075 19,600
AS - 9 2. Revenue Recognition
a) Revenue from sale of goods is recognised when the risks and rewards of ownership are transferred to the
buyer.
b) Sales are net of sales return and sales tax but include applicable excise duty and other elements as are
allowed to be recovered as part of the price.
c) Interest income is recognised on a time proportion basis, taking into account the amount outstanding and
the rate applicable.
d) Dividend income is recognised when the company’s right to receive the payment is established.
e) Insurance claims for loss of profit are accounted for in the year of acceptance. Other insurance claims are
accounted for based on certainty of realisation.
f) Export benefits under DEPB License are accounted on accrual basis.
AS - 2 3. Inventories
a) Raw materials are valued at cost on First In First Out (FIFO)/Weighted Average basis. Cost includes all
taxes and duties, but excludes taxes and duties that are subsequently recoverable from the taxing
authorities. Imported products in transit are valued at CIF cost. However when the cost of finished products
exceeds its net realisable value, the raw materials are written down to net realisable value. The
replacement cost is taken as the net realisable value.
b) Stock-in-process is valued at raw material cost plus cost of conversion, or net realizable value, whichever is
lower.
c) Finished products are valued at cost (on FIFO basis) or net realizable value, whichever is lower.
d) Scrap is valued at net realizable value.
e) Empty packages are valued at cost.
f) Stores and spares are valued at cost on First In First Out (FIFO)/Weighted Average basis. Specific provision
is made in respect of identified obsolete stores & spares for likely diminution in value. Further, an adhoc
provision at the rate of x% is also made on the balance stores and spares towards likely diminution in
value. Stores and spares in transit are valued at cost.
g) Surplus items, when transferred from completed projects are valued at cost/realizable value, pending
periodic assessment/ascertainment of condition.
h) Excise/Customs duty is provided on stocks stored in Bonded Warehouses (excluding goods exempted from
duty/exports or where liability to pay duty is transferred to consignee).
AS - 6 5. Depreciation
a) Depreciation on fixed assets (other than leased assets) is provided on straight line method on the following
basis:
i) Assets acquired up to (Month) (year) on the basis of specified period under section 205(2) of the
Companies Act, 1956.
ii) In respect of assets acquired after (Month) (year), (class of assets) are depreciated based on estimated
useful life of the assets determined by technical evaluation at the following rates:
• (Class of Asset): yy%
• (Class of asset): xx%
b) (Class of asset) are depreciated at the rates specified in the Schedule XIV to the Companies Act, 1956.
c) The depreciation on incremental value arising from revaluation of fixed assets is charged to revaluation
reserve account.
d) Depreciation on leased assets is charged to Profit and Loss Account on straight line method over the
primary lease period.
e) Assets costing individually Rs.5000/- or less are fully depreciated in the year of addition.
basis:
i) Assets acquired up to (Month) (year) on the basis of specified period under section 205(2) of the
Companies Act, 1956.
ii) In respect of assets acquired after (Month) (year), (class of assets) are depreciated based on estimated
useful life of the assets determined by technical evaluation at the following rates:
• (Class of Asset): yy%
• (Class of asset): xx%
b) (Class of asset) are depreciated at the rates specified in the Schedule XIV to the Companies Act, 1956.
c) The depreciation on incremental value arising from revaluation of fixed assets is charged to revaluation
reserve account.
d) Depreciation on leased assets is charged to Profit and Loss Account on straight line method over the
primary lease period.
e) Assets costing individually Rs.5000/- or less are fully depreciated in the year of addition.
AS - 12 10. Grants
I. Capital Grants
a) In case of depreciable assets, the cost of the asset is shown at gross value and the grant thereon is treated
as capital grants which are recognised as income in the Profit and Loss Account over the period and in
proportion in which depreciation is charged.
b) In case of non- depreciable assets, the amount is credited to capital reserve. The amount is credited to
income as and when the conditions / obligations attached to the grant are fulfilled.
II. Revenue Grants
a) Revenue Grants are credited to Profit and Loss Account, or deducted from the relevant
expenses
11. Investments
a) Investments are classified into long - term investments and current investments. Long - term investments
are those that are intended to be held for more than a year from the date of acquisition.
b) Long - term investments are carried at cost. However, provision for diminution in value thereof is made,
wherever such decline is other than temporary.
c) Current investments are valued at cost or market value whichever is lower.
11. Investments
AS - 13 a) Investments are classified into long - term investments and current investments. Long - term investments
are those that are intended to be held for more than a year from the date of acquisition.
b) Long - term investments are carried at cost. However, provision for diminution in value thereof is made,
wherever such decline is other than temporary.
c) Current investments are valued at cost or market value whichever is lower.
m.Certain industrial disputes are pending before Tribunal/High Court. No provision has been made
in the accounts as the liability of the company in respect of these disputes depends upon the
final outcome of such cases and the quantum of which is not currently ascertainable.
n.The Income Tax assessment of the company has been completed up to the Assessment Year xxxx-xxxx.
The disputed demand outstanding up to the said Assessment Year xxxx-xxxx is Rs. xxxx. Based on the
decisions of the Appellate authorities and the interpretations of other relevant provisions, the
Company has been legally advised that the demand is likely to be either deleted or substantially
reduced and accordingly no provision has been made.
AS-11 25 Premium on Forward Exchange contracts to be recognised in the Profit and Loss Account of subsequent accounting period
amounts to Rs. xxxx(Previous year Rs. xxxx).
26 Sundry Creditors include a sum of Rs. xxxx payable to Small Scale Undertakings out of which outstanding for more than 30 days
as at the Balance Sheet date are:
(Rs. in ……..)
Particulars Current Year Previous Year
a. Party 1
b. Party 2
c. Party 3
Total - -
28 Managerial Remuneration
(Rs. in ……..)
Particulars Current Year Previous Year
I. Managing Directors/Executive Directors/WholeTime
Directors (WTD)
a. Salaries
b. Perquisites
c. Contribution to Provident fund
d. Contribution to Superannuation fund
e. Contribution to Gratuity fund
f. Leave salary/encashment
g. Incentive/Commission
Total
II. Directors other than Managing/Executive/WTD
a. Commission
b. Sitting fees
Total
Note:
In addition, Whole Time Directors are also allowed the use of Company's car/any other asset for private purpose (upto xxxx kms
per annum) on a payment of Rs.xxxx per month as specified in the terms of appointment.
III.Computation of Directors' Commission as per Section 349 of the Companies Act,1956
b. Less:
- Capital Profit from the sale of undertaking
- Premium on investment in Preference shares
- Profit on sale of Fixed Assets/Immovable Property
- Profit on sale of long term/current investments
- Profit from the sale of undertaking
- Depreciation under Section 350 of Companies Act,1956
- Loss computed under Section 349 in respect of any earlier
year, to the extent unadjusted
- Provision for deferred repairs/doubtful debts/advances/
contingencies written back (net) -
I. Nature of Relationship
Name of the Related Party Nature of Relationship
a. Name of the company Subsidiary (upto xx.xx.xxxx)*
b. Name of the company Sub-subsidiary
c. Name of the company Co-subsidiary
d. Name of the company Holding Company
e. Name of the company Associate
f. Name of the company Joint Venture
g. Name of the individual Key Management Personnel (KMP)
h. Name of the individual Relatives of KMP
i. Name of the company Enterprises over which KMP
exercise significant influence
* If the relationship exists only for a part of the year specify the date upto which the relationship existed for each category
AS-18
33 Licensed/Installed capacities and production details for the year ended ………….
Closing Stock excludes excess/shortages including damaged stocks and breakages etc.
39 Leases
I.In the case of Lessee
A.Finance Lease
Net Block
Asset 1
Asset 2
Asset 3
Total -
b. Fixed Assets taken on Finance Lease prior to April 1, 2001 amount to Rs. xxxx (Previous Year Rs. xxxx). Future obligations
towards lease rentals under the lease agreement as at xx.xx.xxxx amount to Rs. xxxx (Previous Year Rs. xxxx).
(Rs. in ……..)
Particulars Current Year Previous Year
Within one year
Later than one year and not later than five years
Later than five years
Total - -
c. Fixed Assets taken on Finance Lease on or after April 1, 2001 amounts to Rs. xxxx (Previous Year Rs. xxxx). The minimum
lease rentals outstanding as on xx.xx.xxxx in respect of these assets are as follows:
As at As at As at
30-12-1899 30-12-1899 30-12-1899
Within one year
Later than one year and not later than five years
Later than five years
Total - - -
d. Significant terms under lease agreement
(i) Basis of recognition of contingent rent.
(ii) Clauses governing renewal, purchase option or escalation.
(iii) Restricted Covenants, if any.
B.Operating Lease
a.The company has taken an asset on operating lease which are non-cancellable. The lease payments made during the year
AS-19
amount to Rs. xxxx (Previous Year Rs. xxxx). The breakup of Minimum Lease Payments outstanding is are follows:
(Rs. in ……..)
Particulars Current Year Previous Year
Within one year
Later than one year and not later than five years
Later than five years
Total - -
As at As at As at
30-12-1899 30-12-1899 30-12-1899
Within one year
Later than one year and not later than five years
Later than five years
Total - - -
B.Operating Lease
Depreciation
Asset 1
Asset 2
Asset 3
Total -
Impairment
Asset 1
Asset 2
Asset 3
Total -
Net Block
Asset 1
Asset 2
Asset 3
Total -
AS-2 40 With effect from xx.xx.xxxx the company has changed the method of valuation of inventories from First In First Out to
Weighted Average method. Consequently the value of inventory as at year end is lower by Rs. xxxx with a corresponding
decrease in profit for the year. The change in the valuation method was necessitated by the computerisation of stock
valuation in an ERP environment incorporating connectivity between factory and Head Office.
AS-13 41 The company had an investment of Rs. xxxx in equity shares/redeemable preference shares/redeemable debentures of
XX Co. The operations of XX Co. had resulted in substantial erosion of its net worth and the company is potentially sick
under the Sick Industrial Companies (Special Provisions) Act, 1985. This being the long term strategic investment, in
the opinion of the management, no provision is required to be made for diminution in the value of this investment as the
same is of temporary nature.
AS- 14 42 Amalgamation
XXX Ltd., a wholly owned subsidiary was amalgamated with the Company effective xx.xx.xxxx as per the order of the
Hon'ble High Court of Madras dated (Month),(Year). The amalgamation has been accounted for under the "pooling of
interest/ purchase" method as prescribed by the Accounting Standard 14 issued by the Institute of Chartered Accou-
ntants of India. In accordance with the scheme of amalgamation sanctioned by the Hon'ble High Court of ………, the
assets,liabilities and reserves(if applicable) of XXX Ltd as at xx.xx.xxxx have been taken over at book value/fair value
and Rs.xxxx being the excess of assets over liabilities/liabilities over assets after adjusting the cost of investments of
the Company in the amalgamating company has been debited to General Reserve/ Goodwill/credited to Capital Reserve.
a. Changes in Present value of Defined Benefit Obligations representing reconciliation of opening and closing balances
b. Changes in fair value of Planned Assets representing reconciliation of opening and closing balances thereof
(Rs. in ……..)
Particulars Defined benefit
pension plans
Current Previous
Year Year
Opening fair value of plan assets
Expected return
Acturial gains and (losses)
Assets distributed on settlements
Contributions by employer
Assets acquired in an amalgamation in the nature of purchase
Exchange differences on foreign plans
Benefits paid
The company expects to contribute Rs.xxxx to its defined benefit pension plans in the year …
c. Statement showing movement for five years in amounts of obligations and value of plan assets
The estimated net realisable value of assets after recoking settlement of related liabilities is Rs.xx.
Since at this juncture, uncertainities do remain as to the outcome of negotiations, the said surplus
has not been, as a measure of prudence, recognised in the statement of Profit and Loss.
(Rs. in ……..)
Particulars Current Year Previous Year
Revenue
Continuing Operations
Discontinuing Operations
Total
Cost of sales
Continuing Operations
Discontinuing Operations
Total
Operating Expenses
Continuing Operations
Discontinuing Operations
Total
Interest Expenses
Continuing Operations
Discontinuing Operations
Total
Others (like impairment of assets, employee severence cost,etc)
Continuing Operations
Discontinuing Operations
Total
Profit before tax
Continuing Operations 13,690 19,600
Discontinuing Operations 12,000 -
Total
Tax expense
Continuing Operations (4,900) -
Discontinuing Operations 900 -
Total
Profit after tax
Continuing Operations 8,790 19,600
Discontinuing Operations 12,900 -
Total
Basic EPS
Diluted ES
45 The previous year's figures have been rewoked, regrouped, rearranged and reclassified wherever
necessary. Accordingly amounts and other disclosures for the preceding year are included as part
statements and of the current year financial are to be read in relation to the amounts and other
disclosures relating to the current year.
AS-10 46 The Gross block of fixed assets incudes Rs. xxxx (Previous year Rs. xxxx) on account of revaluation
out in the past. Consequent to the said revaluation there is an additional charge of depreciation
of Rs. xxxx (Previous year Rs. xxxx) and an equivalent amount has been withdrawn from Revaluation
Reserve and credited to Profit and Loss Account.
47 The company has bought back xxxx equity shares for a total consideration of Rs.xxxx at an average
rice of Rs.xx per share. Consequently a sum of Rs. xx being the premium on buyback has been charged
to Share Premium Account and a sum of Rs. xxxx has been transferred to Capital Redemption Reserve
from General Reserve.
AS-28 48 (a) The recoverable amount of certain items of class of assets has been determined on the basis of
Net Selling Price Method, based on offers received from prospective buyers for purchase of the
select items of class of asset. The offers received indicate that there is an active market for the
items proposed for sale. The highest offer has been considered. The company however does not
have intention to sell these assets in the near future, considering that during the remaining useful
life of the assets, the probability of assets generating economic benefits is very good and the
present value of such benefits equals the offers in hand.
(b) The recoverable amount of certain items of class of assets has been determined on the basis of
Value in Use Method.To this end, the company has taken into account attributable operational flows
for a period of xx years and estimated terminal flows at the end of that period by applying a
discount rate of x% over bank rate applicable on balance sheet date.
(Rs. in ……..)
Previous Year
2nd Interim
nt accounting period
19,600
980
1,960
196
588
-
(Rs. in ……..)
Previous Year
19,600
-
-
#DIV/0!
-
-
#DIV/0!
Holding Co
Forum where the dispute is
Assistant Commissioner/
Commissioner Appeals/
Deputy Commissioner/
Assistant Commissioner/
Tribunal/
High Court/Supreme Court
Installed Capacity
Current
Year
ensing is compulsory
(Rs. in ……..)
Year ended
Quantity
(Rs. in ……..)
Year ended
Quantity
(Rs. in ……..)
Year ended
Quantity
(Rs. in ……..)
###
%
Future Interest on
Outstandings
As at
###
-
made during the year
Unearned Finance
Income
As at
###
h a corresponding
le debentures of
s potentially sick
investment as the
o Capital Reserve.
(Rs. in ……..)
Post employment
medical benefits
As at
###
(Rs. in ……..)
Year 4
(in %)
Post employment
medical benefits
Previous
Year
(Rs. in ……..)
(Rs. in ……..)
Associate Joint KMP Relatives Enterprises over
Venture of KMP
which KMP
exercise signif.
influence
Forum where the dispute is
pending
Assistant Commissioner/
Commissioner Appeals/
Deputy Commissioner/
Assistant Commissioner/
(Rs. in ……..)
###
Value
(Rs. in ……..)
###
Value
(Rs. in ……..)
###
Value
(Rs. in ……..)
Present Value of
Minimum Lease
Payments
As at As at
### ###
- -
(Rs. in ……..)
Present Value of
Minimum Lease
Rentals
As at As at
### ###
- -
(Rs. in ……..)
Year 5
Application Guidance for Accounting Standards in India
I .Registration details:
Registration No: State code : xx
Balance Sheet Date: 30-Dec-99
ACADEMIC GUIDANCE:
Source of Funds:
Application of Funds:
Accumulated losses 0
274
52
51
36
77
22