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About Schedule VI -Statement of Profit & Loss The Ledgers that are classified under these Accounting Groups to get linked to the Schedule VI Heads. This is a broad classification provided by Tally. ERP 9. Users can reclassify the Groups/Ledgers under other Schedule VI Income/Expense Heads as required.

Schedule-VI Balance Sheet provides the representation of company's financial position at any point in time in the Schedule VI format of Companies Act.

This part of Schedule sets out the minimum requirements for disclosure on the face of the Balance Sheet, and the Statement of Profit and Loss (hereinafter referred to as "Financial Statements" for the purpose of this Schedule) and Notes.

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The Old Schedule VI required separate presentation of debtors outstanding for a period exceeding six months based on date on which the bill/invoice was raised whereas, the Revised Schedule VI requires separate disclosure of ?trade receivables outstanding for a period exceeding six months from the date the bill/invoice ...

In the Old Schedule VI, details of only capital commitments were required to be disclosed. Under the Revised Schedule VI, other commitments also need to be disclosed. Loss, such as raw material consumption, stocks, purchases and sales have been simplified and replaced with the disclosure of ?broad heads? only.

Note: This Schedule sets out the minimum requirements for disclosure on the face of the Financial Statements, i.e., Balance Sheet, Statement of Changes in Equity for the period, the Statement of Profit and Loss for the period (The term 'Statement of Profit and Loss' has the same meaning as 'Profit and Loss Account') ...