Partnership firms, LLPs and proprietorships now have a prescribed financial statements format of their own. The ICAI Guidance Notes on Financial Statements of Non-Corporate Entities and of LLPs (2023) lay down a uniform vertical presentation – Owners’ Fund on the Balance Sheet, partners’ interest and remuneration shown as appropriations in the Statement of Profit and Loss, and a partner-wise capital account reconciliation – and the ICAI Council has made it mandatory in a phased manner from FY 2025-26. This page walks through the format and gives you a complete, genuinely free toolkit for it.
Import the Tally trial balance, pick the entity type, and the complete ICAI-format set builds itself – automatic ledger mapping to the non-corporate heads, the partner-wise capital accounts module with a section 40(b) helper, block-wise Income-tax depreciation, every check tied, partner signature blocks and print / Excel / Word outputs. The signed year rolls into the next FY in one click. Companies get Schedule III in the same app.
Open the free Balance Sheet AppOne workbook for all three entity types: paste the trial balance, tag each ledger, and the Balance Sheet, Statement of Profit and Loss, capital accounts grid, depreciation and every note build themselves – formula-driven and fully unlocked.
Get the free workbookThe format at a glance
| Component | What the ICAI format prescribes |
|---|---|
| Balance Sheet | Vertical form opening with Owners’ Fund (capital accounts + reserves), then non-current and current liabilities – with a separate line for loans from partners – and assets; trade payables split into MSME and other dues |
| Statement of Profit & Loss | Profit before partners’ interest, remuneration and tax → less interest on capital and remuneration as appropriations → profit before tax → tax → profit transferred to the capital accounts |
| Capital accounts note | The prescribed partner-wise grid (Note 3a): share %, opening, capital introduced, remuneration, interest, withdrawals, share of profit, closing – tying to the Balance Sheet |
| Accounting policies | Entity-specific basis note (constitution, ICAI Guidance Note basis, depreciation method, capital accounts policy) in place of Companies-Act wording |
| Cash flow statement | Encouraged – expected of larger Level I/II entities, optional for smaller ones |
| Disclosure tiers | Levels I–IV by size: Accounting Standards apply fully to Level I, with graded exemptions down to Level IV – small firms carry the lightest load |
The free non-corporate toolkit
The complete engine for firms, LLPs and proprietorships: TB mapping to printed statements with the capital grid, 40(b) helper and IT-WDV depreciation.
Open the toolLogin-based working files: Tally import, auto-mapping, finalisation adjustments, rollover, multi-entity dashboard and print-grade outputs.
Open the appWho must follow the format and from when, the Level I–IV tiers, and what changes in practice for a typical firm.
Read the guideNote 1 drafted to your entity – toggle the policies, pick the methods, copy the note.
Open the toolPreparing a company set too? The corporate hub: Schedule III format walkthrough, the flagship workbook and the same cloud app.
Open the hubWhy a standard format matters now
Until now every firm’s financials looked different – T-form here, vertical there, capital accounts presented five different ways. A uniform format means bankers, tax officers and auditors read every non-corporate set the same way, comparatives line up year on year, and working papers stop being reinvented for each client. The layout deliberately mirrors Schedule III, so a practice that prepares both corporate and non-corporate sets works in one visual language – and both CalcGuru tools share the same engine underneath.
Start with the free workbook for a single entity, or the Balance Sheet App when you want Tally import, rollover and a multi-entity dashboard – both free for FY 2025-26.