What are the financial statements as per Schedule 3? (2024)

What are the financial statements as per Schedule 3?

A schedule 3 balance sheet is a financial statement that provides a detailed breakdown of a company's assets, liabilities, and equity for a specific date. It is also a consolidated balance sheet, which includes all company subsidiaries' financial information.

What is the schedule 3 financial statement?

(iii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations and other adjustments and the related depreciation and impairment losses/reversals shall be disclosed separately.

What are the financial three statements?

The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.

What are cash and cash equivalents as per Schedule 3?

(i) Cash and cash equivalents shall be classified as: (a) Balances with banks; (b) Cheques, drafts on hand; (c) Cash on hand; (d) Others (specify nature). (ii) Earmarked balances with banks (for example, for unpaid dividend) shall be separately stated.

What are current assets as per Schedule 3?

One of the line items to be presented on the face of the Balance Sheet under Current assets is “Cash and cash equivalents”. The break-up of these items required to be presented by the Schedule III comprises of items such as Balances with banks held as margin money or security against borrowings, guarantees, etc.

Are there 3 or 4 financial statements?

For-profit primary financial statements include the balance sheet, income statement, statement of cash flow, and statement of changes in equity. Nonprofit entities use a similar but different set of financial statements.

What are financial statement schedules?

An accounting schedule is a supplementary document, worksheet, or table that is used by accountants and bookkeepers to organize, summarize, and analyze financial data.

What order do you complete financial statements?

What are four common types of financial statements?

What are the 3 financial statements in Excel?

In financial modeling, the “3 statements” refer to the Income Statement, Balance Sheet, and Cash Flow Statement.

Are Treasury bills considered cash?

Both a three-month U.S Treasury bill (purchased 1/15/CY and matures 4/15/CY) and a three-year Treasury Note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when it has three or less months to maturity.

How many types of cash flows are there as per AS 3?

An enterprise presents its cash flows from operating, investing and financing activities in a manner which is most appropriate to its business.

What qualifies as cash equivalents?

Cash equivalents are any short-term investment securities with maturity periods of 90 days or less. They include bank certificates of deposit, banker's acceptances, Treasury bills, commercial paper, and other money market instruments.

What are examples of Class 3 assets?

Class III: Accounts receivables, mortgages, and credit card receivables. Class IV: Inventory. Class V: All assets not in classes I – IV, VI, and VII (equipment, land, building)

What are the 7 current assets?

Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets. Current Assets may also be called Current Accounts.

Is A Common Stock an asset?

Common stock is an asset for the company that issued it, but it is not a liability. Common stock represents ownership in a company and represents a claim on the company's assets and earnings.

Which is the most important financial statement?

The income statement will be the most important if you want to evaluate a business's performance or ascertain your tax liability. The income statement (Profit and loss account) measures and reports how much profit a business has generated over time. It is, therefore, an essential financial statement for many users.

What is the difference between a balance sheet and a cash flow statement?

Key Takeaways. A balance sheet shows what a company owns in the form of assets and what it owes in the form of liabilities. A balance sheet also shows the amount of money invested by shareholders listed under shareholders' equity. The cash flow statement shows the cash inflows and outflows for a company during a period ...

What is the difference between the balance sheet and the income statement?

Owning vs Performing: A balance sheet reports what a company owns at a specific date. An income statement reports how a company performed during a specific period. What's Reported: A balance sheet reports assets, liabilities and equity. An income statement reports revenue and expenses.

What is Schedule III of companies Act?

Introduction. Schedule III of the Companies Act, 2013 provides guidelines and instructions for the preparation of financial statements, which include the balance sheet, the statement of profit and loss, cash flow statements, notes to accounts or notes to financial statements, and related statements of a company.

What is the difference between Schedule III and Schedule VI?

Unlike the Old Schedule VI, the Schedule III (and earlier Revised Schedule VI) lays down a format for the presentation of Statement of Profit and Loss. This format of Statement of Profit and Loss does not mention any appropriation item on its face.

Which financial statement to do first?

1. Income statement. Often, the first place an investor or analyst will look is the income statement. The income statement shows the performance of the business throughout each period, displaying sales revenue at the very top.

Which financial statement is always prepared first?

The financial statement prepared first is your income statement. As you know by now, the income statement breaks down all of your company's revenues and expenses. You need your income statement first because it gives you the necessary information to generate other financial statements.

What are the 4 basic financial statements in order of preparation?

The four financial statements (in order of preparation) are the income statement, statement of retained earnings (or statement of shareholders' equity), balance sheet, and statement of cash flows.

What do the basic financial statements include?

The basic financial statements of an enterprise include the 1) balance sheet (or statement of financial position), 2) income statement, 3) cash flow statement, and 4) statement of changes in owners' equity or stockholders' equity. The balance sheet provides a snapshot of an entity as of a particular date.