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of <h1>Schedule VI of Companies Act 1956: Guidelines for Balance Sheet Format, Disclosure, and Financial Presentation Compliance.</h1> The Companies Act, 1956, specifically Schedule VI, outlines the format and requirements for preparing a company's balance sheet and statement of profit and loss. Companies must choose between a horizontal or vertical balance sheet format. The schedule provides detailed instructions on disclosures, classifications, and rounding off figures based on turnover. It mandates additional disclosures in notes to accounts, ensuring clarity and compliance with accounting standards. Key elements include equity, liabilities, assets, revenue, expenses, and tax details. The schedule also specifies the treatment of current and non-current items, contingent liabilities, and commitments, ensuring a comprehensive financial presentation.
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