CA Foundation Exam  >  CA Foundation Videos  >  Principles and Practice of Accounting  >  Company Balance Sheet as Per Schedule 3 To Companies Act 2013

Company Balance Sheet as Per Schedule 3 To Companies Act 2013 Video Lecture | Principles and Practice of Accounting - CA Foundation

68 videos|160 docs|83 tests

Top Courses for CA Foundation

FAQs on Company Balance Sheet as Per Schedule 3 To Companies Act 2013 Video Lecture - Principles and Practice of Accounting - CA Foundation

1. What is Schedule 3 to Companies Act 2013?
Ans. Schedule 3 to Companies Act 2013 is a part of the Act that provides the format for the preparation of a company's balance sheet. It specifies the requirements for the presentation of financial statements, including the format, contents, and disclosure requirements.
2. What is a balance sheet?
Ans. A balance sheet is a financial statement that provides a snapshot of a company's financial position at a given point in time. It consists of three main sections: assets, liabilities, and shareholders' equity. The balance sheet shows how a company's assets are financed by its liabilities and shareholders' equity.
3. What are the key components of a balance sheet?
Ans. The key components of a balance sheet include: 1. Assets: These are the resources owned or controlled by the company, such as cash, accounts receivable, inventory, and fixed assets. 2. Liabilities: These are the obligations or debts of the company, such as accounts payable, loans, and accrued expenses. 3. Shareholders' Equity: This represents the owners' residual interest in the company after subtracting liabilities from assets. It includes share capital, retained earnings, and other reserves.
4. What is the purpose of Schedule 3 in relation to the balance sheet?
Ans. The purpose of Schedule 3 is to provide a standardized format for the preparation of a company's balance sheet. It ensures that companies follow a consistent presentation and disclosure format, making it easier for stakeholders to understand and compare financial information across different companies.
5. What are the disclosure requirements under Schedule 3 for a company's balance sheet?
Ans. The disclosure requirements under Schedule 3 for a company's balance sheet include: 1. Classification of assets and liabilities: Assets and liabilities should be classified into current and non-current categories. 2. Valuation of assets: Assets should be stated at their historical cost or fair value, whichever is lower. 3. Share capital: The balance sheet should disclose the details of the company's share capital, including the number and value of shares issued. 4. Reserves and surplus: The balance sheet should disclose the details of reserves and surplus, including retained earnings, other reserves, and any changes in these balances. 5. Long-term borrowings: The balance sheet should disclose the details of long-term borrowings, including the nature, terms, and conditions of the loans. These are just a few examples of the disclosure requirements under Schedule 3. The actual requirements may vary depending on the specific circumstances of the company.
68 videos|160 docs|83 tests
Explore Courses for CA Foundation exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Related Searches

Objective type Questions

,

Exam

,

Viva Questions

,

Company Balance Sheet as Per Schedule 3 To Companies Act 2013 Video Lecture | Principles and Practice of Accounting - CA Foundation

,

past year papers

,

Extra Questions

,

Previous Year Questions with Solutions

,

ppt

,

Company Balance Sheet as Per Schedule 3 To Companies Act 2013 Video Lecture | Principles and Practice of Accounting - CA Foundation

,

Summary

,

shortcuts and tricks

,

mock tests for examination

,

video lectures

,

Semester Notes

,

Sample Paper

,

Free

,

Important questions

,

pdf

,

practice quizzes

,

Company Balance Sheet as Per Schedule 3 To Companies Act 2013 Video Lecture | Principles and Practice of Accounting - CA Foundation

,

study material

,

MCQs

;