is there any change in the comparative and common size statements format due to change in format of companys balance sheet
Yes, there is a change in the format of Comparative and Common Size Financial Statements due to the introduction of Revised Schedule VI of the Comapanies Act, 1956.
The new format of Comparative Financial Statements are given below.
Format of Comparative Balance Sheet
Comparative Balance Sheet as on….. | ||||
Particulars | Previous Year | Current Year | Absolute Change (Increase/Decrease) (Rs) | Percentage Change (Increase/Decrease) (%) |
I. Equity and Liabilities |
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1. Shareholders’ Funds |
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a. Equity Share Capital |
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b. Preference Share Capital |
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c. Reserves and Surplus |
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2. Non-Current Liabilities |
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a. Long-Term Borrowings |
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i. Secured Loans |
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ii. Unsecured Loans |
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b. Other Long-Term Liabilities |
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3. Current Liabilities |
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a. Short-Term Borrowings |
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b. Trade Payables |
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c. Other Current Liabilities |
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d. Short-Term Provisions |
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Total |
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II. Assets |
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1. Non-Current Assets |
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a. Fixed Assets |
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i. Tangible Assets |
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ii. Intangible Assts |
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b. Non-Current Investments |
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c. Long-Term Loans and Advances |
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d. Other Non-Current Assets |
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2. Current Assets |
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a. Inventories |
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b. Trade Receivables |
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c. Cash and Cash Equivalents |
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d. Short-Term Loans and Advances |
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e. Other Current Assets |
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Total |
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Format of Comparative Income Statement
Comparative Statement of Profit and Loss | ||||
Particulars | Previous Year | Current Year | Absolute Change (Rs) | Percentage Change (%) |
I. Revenue from operations |
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II. Other Incomes |
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Total Revenue (I + II) |
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Less: Expenses |
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Cost of Material Consumed |
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Purchase of Stock-in-Trade |
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Changes in Inventories of Finished Goods |
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Work-in-Progress and Stock-in-Trade |
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Employees Benefit Expenses |
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Finance Costs |
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Depreciation and Amortisation Expenses |
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Other Expenses |
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Profit Before Tax |
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Less: Tax |
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Profit After Tax |
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Further, you can find the questions based on Common Size and Comparative Financial Statements in the Chapter-wise Descriptive Tests (on our site), which are updated as per the latest syllabus prescribed by CBSE. These tests inculcates Revised Schedule VI of the Companies Act along with Value Based questions.