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Question
Schedule III has prescribed ...?... format of presentation of Balance Sheet.
Options
Horizontal
Vertical
Either Horizontal or Vertical
Neither Horizontal or Vertical
MCQ
Fill in the Blanks
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Solution
Schedule III has prescribed a vertical format of presentation of Balance Sheet.
Explanation:
Under Schedule III of the Companies Act, corporate balance sheets must use a mandatory vertical format. Unlike the old T-shaped horizontal format (which put liabilities on the left and assets on the right), the vertical format presents everything in a single top-to-bottom list. It shows “Equity and Liabilities” at the top and “Assets” directly underneath it.
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