Treatment of Various Items under Revised Schedule VI of the Companies Act, 1956

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1 Treatment of Various Items under Revised Schedule VI of the Companies Act, 1956 IMPORTANT NOTE Detail of each entry (item) in the Balance Sheet and Statement of Profit and Loss is to be given by way of note and only amount will appear against the entry in the Balance Sheet. For example: A company has issued both Equity Share Capital and Preference Share Capital. Amount for Equity Share Capital and Preference Share Capital will be shown separately in the Notes to Accounts for Share Capital and the total of will be shown as one amount against the entry (Share Capital) in the Balance Sheet. Share Capital: Share Capital is shown under the head Shareholders Fund. It is further sub-classified as following on the face of the balance sheet; - Share Capital - Reserves and Surplus - Money Received against Share Warrants. Following details to be disclosed under the Notes to Accounts. - Different class of Share Capital are shown separatelyin the Notes to Accounts. For example a company has issued 10,000, Equity Shares of 10 each and 5,000, 11%Preference Shares of 100 each. Both the shares are fully paid up. These two shares would be disclosed as two separate classes of shares. - Following further information for each class of shares is disclosed: o AuthorisedShare Capital; o Issued Share Capital; o Subscribed Share Capital. It is classified into Subscribed and fully paid; and Subscribed but not fully paid. - Par value of share is also disclosed. How Share capital is shown is explained in the following examples. Example 1: AB Ltd. has an authorised capital of 5,00,000 divided into 50,000 equity shares of 10 each. It issued 10,000 Equity Shares of 10 each at par. All the shares were subscribed for and the due amount was received. How will be Share Capital shown in the Balance Sheet of the company? Share Capital 1. 1,00,000

2 Notes to Account: Note 1: Share Capital EquityCapital 50,000 Equity Shares of 10 each 5,00,000 IssuedCapital 10,000 Equity Shares of 10 each 1,00,000 Subscribed and fully paid up 10,000 Equity Share of 10 each 1,00,000 Example 2: Grand Ltd. has an authorised capital of 5,00,000 divided into 30,000 equity shares of 10 each and 2,000 Preference Shares of 100 each. It issued 10,000 Equity shares and also 2,000 Preference Shares at par. All shares offered were subscribed for and the money was duly received except final call of 3 per equity shares on 500 shares. How will be Share Capital shown in the Balance Sheet of the company? Share Capital 1. 2,98,500 Notes to Accounts: Note 1: Share Capital Equity Capital 30,000 Equity Shares of 10 each 3,00,000 2,000 Preference Shares of 100 each 2,00,000 5,00,000 Issued Capital 10,000 Equity Shares of 10 each 1,00,000 2,000 Preference Shares of 100 each 2,00,000 3,00,000 Subscribed and fully paid up 9,500 Equity Shares of 10 each 95,000 2,000 Preference Shares of 100 each 2,00,000 2,95,000 Subscribed but not fully paid up 500, Equity Shares of 10 each 5,000 Less: Calls-in-Arrears 1,500 3,500 2,98,500

3 Example 3: Matrix Ltd. is registered with an authorised capital of 5,00,000 divided into 50,000 equity shares of 10 each. It issued 10,000 equity shares of 10 each at par. Final call of 2 per share was yet to be called. All shares offered were subscribed for and the money was duly received. How will be Share Capital shown in the Balance Sheet of the company? Share Capital 1. 80,000 Notes to Accounts Note 1 Share Capital Equity Capital 50,000 Equity Shares of 10 each 5,00,000 Issued Capital 10,000 Equity Shares of 10 each 1,00,000 Subscribed but not fully paid up Example 4: JBM Ltd. is registered with an authorised capital of 5,00,000 divided into 50,000 equity shares of 10 each. It issued 10,000 equity shares of 10 each at par. Calls were made of 8 per share. All shares offered were subscribed for and the money was duly received except final call of 3 on 500 shares. How will be Share Capital shown in the Balance Sheet of the company? Share Capital 1. 78,500

4 Note to Account Share Capital Equity Capital 50,000 Equity Shares of 10 each 5,00,000 Issued Capital 10,000 Equity Shares of 10 each 1,00,000 Subscribed but not fully paid up 10,000, Equity Shares of 10 each; 8 Called up 80,000 Less: Calls-in-Arrears 1,500 78,500 Example 5: M Ltd. has an authorised capital of 5,00,000 divided into 50,000 equity shares of 10 each. The company has existing issued and fully paid 15,000 shares of 10 each, which were issued as consideration for purchase of building. It further issued 10,000 equity shares of 10 each at par. The money called was 8 per share. All shares were subscribed for and the money was duly received except final call of 3 per share on 1,000 shares. How will be Share Capital shown in the Balance Sheet of the company? Share Capital 1. 2,27,000 Notes to Accounts Note 1: Share Capital 50,000 Equity shares of 10 each 5,00,000 Issued Capital 25,000 Equity Share of 10 each 2,50,000 Subscribed and Fully Paid up 15,000, Equity Shares of 10 each 1,50,000 (Above shares have been issued for consideration other than cash) Subscribed but not fully paid up 10,000, Equity Shares of 10 each; 8 Called up 80,000 Less: Calls-in-arrears 3,000 77,000 2,27,000 Example 6:

5 Casio Ltd. is registered with the capital: 1,00,000, Equity Shares of 10 each; and 50,000, 9% Preference Shares of 10 each. It issued 90,000 Equity Shares and 50,000, 9% Preference Shares for subscription. 85,000 Equity Shares were subscribed on which the company had called 8. It did not receive first call of 2 on 3,000 shares, out of which 2,000 allotted to Atul were forfeited. Out of the forfeited shares 1,500 shares were reissued at 6, 8 paid up. 9% Preference Shares were fully paid up. How will it be shown in balance sheet as per Revised Schedule VI? Share Capital 1. 11,77,000 Notes to Accounts Note 1: Share Capital 1,00,000 Equity shares of 10 each 10,00,000 Preference Share Capital 50,000, 9% Preference Shares of 10 each 5,00,000 15,00,000 Issued Capital 90,000 Equity Shares of 10 each 9,00,000 50,000, 9% Preference Shares of 10 each 5,00,000 14,00,000 Subscribed and Fully Paid up 50,000, 9% Preference Shares of 10 each 5,00,000 Subscribed and not Fully Paid up 84,500 Equity Shares of 8 each 6,76,000 Less: Calls in Arrears (1,000 Share 2) 2,000 6,74,000 Add: Forfeited Share Account 3,000 6,77,000 11,77,000 WRITING OFF OF PRELIMINARY EXPENSES, DISCOUNT ON ISSUE OF SHARES AND DICOUNT (LOSS) ON ISSUE OF DEBENTURES Preliminary Expenses and Deferred Revenue Expenditure is written off in the year in which they are incurred either from Securities Premium Reserve; or from the Statement of Profit and Loss. Discount on Issue of Shares and Share Issue Expenses It is written off either

6 (i) from Securities Premium Reserve (permitted u/s 78 of the Companies Act, 1956); or from the Statement of Profit and Loss over the period of 3 to 5 years. Revised Schedule VI requires that all assets shown in the Balance Sheet should be classified into Non current Assets and Current Assets. Accordingly, Discount on Issue of Shares or Share Issue Expenses not yet written off are to be classified as Non current Assets and Current Assets. Discount on Issue of Shares or Share Issue Expenses that shall be written off after 12 months of the date of Balance Sheet shall be shown as Other Non current Assets under Non current Assets and the amount to be written off within 12 months from the date of Balance Sheet shall be shown as Other Current Asset under Current Assets. Discount or Loss on Issue of Debenture It is written off either (i) from Securities Premium Reserve (permitted u/s 78 of the Companies Act, 1956); or from the Statement of Profit and Loss over the period of the loan i.e. Debenture. Revised Schedule VI requires that all assets shown in the Balance Sheet should be classified into Non current Assets and Current Assets. Accordingly, Discount on Issue of Shares or Share Issue Expenses not yet written off are to be classified as Non current Assets and Current Assets. Discount or Loss on Issue of Debentures that shall be written off after 12 months of the date of Balance Sheet shall be shown as Other Non current Assets under Non current Assets and the amount to be written off within 12 months from the date of Balance Sheet shall be shown as Other Current Asset under Current Assets. Current Assets: All assets are divided into Non-Current Assets and Current Assets. According to the Revised Schedule VI an asset shall be classified as current if it satisfies any one of the following criteria; a. it is expected to be realised in, or is intended for sale or consumption in, the company s normal operating cycle. b. It is held primarily for the purpose of being traded c. It is expected to be realised within 12 months after the reporting date or d. It is cash or cash equivalent unless it is restricted form being exchanged or used to settle a liability for at least 12 months after the reporting date. Non current Assets: All other assets shall be classified as non-current assets. Operating Cycle: Operating Cycle means the time between the acquisition of assets for processing and their realisation in cash or cash or cash equivalent. Current Assets required to be classified into the following categories on the face of the balance sheet: a. Current investments b. Inventories c. Trade receivables d. Cash and cash equivalents. e. Short-term loans and advances f. Other current assets

7 It is important to note that Inventory includes Raw Materials, Work in Progress, Finished Goods, Stock in Trade (Trading Goods), Store and Spares, Loose Tools. Appropriation of Profit: Appropriation is to be made through the Balance of Statement of Profit and Loss as follows; - Profit for the accounting period is transferred and added to the existing balance of Statement of Profit and Loss under Reserve and Surplus. - Thereafter appropriation for transfer to reserves and proposed dividend etc. is made as follows: Opening Balance Add: Profit (Loss) for the Year Less Appropriations to DDR Workmen Compensation Reserve Proposed Dividend Balance Xxx Let us take few examples for better understanding. Example 1: A company has an opening credit balance in Statement of Profit and Loss of 1,00,000. During the year, it earned a profit of 1,50,000. Questions: (i) How will it be shown in the Balance Sheet? What amount will be shown therein? 1. Balance of Statement of Profit and Loss will be shown under Reserves and Surplus. 2. The amount shown will be: Statement of Profit and Loss Balance Statement of Profit and Loss Opening 1,00,000 Add: Profit for the Period 1,50,000 Balance (to be shown in Balance Sheet) 2,50,000 Question 2: A company has a opening credit balance in Statement of Profit and Loss of 1,00,000. During the year, it incurred loss of 1,50,000. Questions: (i) How will you show the balance of Statement of Profit and Loss in the Balance Sheet? What amount will be shown therein?

8 1. Balance of Statement of Profit and Loss will be shown under Reserves and Surplus as a negative amount. 2. The amount shown will be: Statement of Profit and Loss Statement of Profit & Loss (Opening) 1,00,000 Add: Profit (Loss) for the Period (1,50,000) Balance (to be shown in Balance Sheet) (50,000) Example 3: A company has an opening debit balance in Statement of Profit and Loss of 1,00,000. During the year, it incurred a loss of 1,50,000. Questions: (i) How will you show the balance in Statement of Profit and Loss in financial statements? What amount will be shown therein? (i) Balance of Statement of Profit and Loss will be shown under Reserves and Surplus as a negative amount. The amount shown will be: Statement of Profit and Loss Statement of Profit & Loss (Opening) (1,00,000) Add: Profit (Loss) for the Period (1,50,000) Balance (to be shown in Balance Sheet) (2,50,000) Example 4: A company has a opening credit balance in Statement of Profit and Loss of 1,00,000. During the year, it earned a profit of 75,000. It decided to transfer 15,000 to Debenture Redemption Reserve (DRR) and also proposed to pay dividend of 25,000. Question: How will you show the appropriations in the financial statements? It will be shown in the Note on Reserves and Surplus as follows: Statement of Profit and Loss Statement of Profit & Loss (Opening) 1,00,000 Add: Profit (Loss) for the Period 75,000 Balance (to be shown in Balance Sheet) 1,75,000 Less: Appropriation Proposed Dividend 25,000 Transfer to DDR 15,000 40,000 Balance 1,35,000

9 Debenture Redemption Reserve Opening Balance Nil Transfer form Balance in Statement of Profit and Loss 15,000 Balance 15,000 Reserves and Surplus to be shown on the face of the Balance Sheet ( 1,35, ,000) i.e. 1,50,000 Current Liabilities Short term Provisions Proposed Dividend 25,000 Example 5: A company has opening credit balance in Statement of Profit and Loss of 1,00,000. During the year, it incurred loss of 1,50,000. It has an opening balance in Debenture Redemption Reserve of 60,000. Question: How will you show the two in the financial statements? Reserves and Surplus Debenture Redemption Reserve (DRR) Opening Balance 60,000 Statement of Profit and Loss Statement of Profit and Loss (Opening) 1,00,000 Add: Profit for the Period (1,50,000) Balance (10,000) Amount to be shown under Reserves and Surplus 10,000 Example 6: A company has opening debit balance in Statement of Profit and Loss of 1,00,000. During the year, it earned a profit of 3,00,000. It decided to transfer 50,000 to Debenture Redemption Reserve (DRR) and also proposed to pay dividend of 25,000. Question: How will you show them in the financial statements?

10 Reserves and Surplus Statement of Profit and Loss Statement of Profit and Loss (1,00,000) Add: Profit (Loss) for the Period 3,00,000 Balance 2,00,000 Less: Appropriations Transfer to DRR 50,000 Proposed Dividend 25,000 75,000 Balance Statement of Profit and Loss 1,25,000 Debentures Redemption Reserve (DRR) Opening Balance Nil Transfer from Statement of Profit and Loss 50,000 50,000 Balance Reserves and Surplus 1,75,000 Current Liabilities Short Term Provisions Proposed Dividend 25,000

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