There is a legal requirement as per Companies Act 2013 that

Every company should ,prepare Profit and loss and Balance Sheet as per following format


Format of Profit and Loss

Compulsory requirement of Schedule III Balance Sheet - Making Revised Schedule III Balance Sheet


Format of Balance Sheet

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Download Format


This requirement is only for Companies (Private Limited and Limited Companies)

and not for Partnership/Proprietorship


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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.