Schedule III to the Companies Act, 2013 prescribes the format of the Balance Sheet, the Statement of Profit and Loss and the notes for every company – and since the amendments effective 1 April 2021 (fully applicable from FY 2021-22), the format demands far more than most free templates deliver: ageing schedules in fixed buckets, eleven analytical ratios with reasons for sharp movements, the current-maturities regrouping, promoter shareholding with percentage change, and a block of new regulatory disclosures. This page walks through the format as it stands for FY 2025-26 and gives you a complete, genuinely free toolkit for it.
Paste your trial balance, tag each ledger, and the full set – faces, 26 notes, ageing, ratios, EPS, cash flow, disclosures, signatures – builds itself. Free, formula-driven, print-ready.
Get the free workbookThe free Schedule III toolkit
The complete financial statements engine: TB mapping to printed, signed statements with every 2021-amendment disclosure.
Open the toolLoan-wise amortisation, the long-term vs current-maturities split, interest accrued and a drafted borrowings note.
Open the toolNote 1 drafted to your entity – toggle the policies, pick the methods, copy or download as Word.
Open the toolWeighted average shares with bonus, split and rights adjustments, diluted EPS with the anti-dilution test, and the EPS note.
Open the toolThe eleven Schedule III ratios with previous year comparison, variance percent and the above-25-percent explanation prompts.
Open the toolPaste party-wise receivables and payables, flag disputed / doubtful / MSME rows, and get the exact 7-bucket and 6-bucket ageing tables with the tie check.
Open the toolThe Balance Sheet format (Division I)
Division I applies to companies following the Accounting Standards (the non-Ind AS world – most private companies). The vertical format runs Equity and Liabilities first: shareholders funds (share capital, reserves and surplus), non-current liabilities (long-term borrowings, deferred tax, other long-term liabilities, long-term provisions), then current liabilities (short-term borrowings, trade payables split between micro-and-small enterprises and others, other current liabilities, short-term provisions). Assets follow: non-current (PPE, intangibles, CWIP, intangibles under development, non-current investments, deferred tax assets, long-term loans and advances) and current (current investments, inventories, trade receivables, cash, short-term loans and advances, other current assets). Every line carries a note reference and the previous year comparative.
The ageing schedules
Trade receivables age across seven columns – unbilled, not due, less than 6 months, 6 months to 1 year, 1-2 years, 2-3 years and beyond 3 years – each split across four rows: undisputed considered good, undisputed considered doubtful, disputed considered good and disputed considered doubtful. Trade payables age across six columns with rows for MSME, others, disputed MSME and disputed others. The totals must tie to the face figures. These tables are mandatory whether balances are large or nil, and they are the single most common reason old templates fail review. The online ageing schedule builder generates both tables from pasted party-wise balances.
The ratios note
Eleven ratios, each with the current year, previous year, and an explanation wherever the movement exceeds 25 percent: current ratio, debt-equity, debt service coverage, return on equity, inventory turnover, trade receivables turnover, trade payables turnover, net capital turnover, net profit ratio, return on capital employed and return on investment. The ratio calculator computes all eleven with the variance flags, and the workbook builds the same note from your mapped trial balance automatically.
The additional regulatory disclosures
The 2021 amendment added a block of disclosures that must be answered every year: title deeds of immovable property not in the company name, loans to promoters and directors repayable on demand, benami proceedings, wilful-defaulter status, agreement of quarterly returns filed with banks against current-asset security with the books, transactions with struck-off companies, pending charge registrations, compliance with layers of companies, funds routed through intermediaries, undisclosed income surrendered, crypto dealings and CSR shortfalls. The workbook carries them as a Yes/No/NA questionnaire so nothing is skipped.
Statement of Profit and Loss and EPS
Revenue from operations and other income lead into expenses by nature – cost of materials, purchases of stock-in-trade, changes in inventories, employee benefits, finance costs, depreciation and other expenses – through exceptional items to profit before tax, the current and deferred tax charge and the profit for the year. The face ends with basic and diluted earnings per share under AS 20; an SMC may omit only the diluted figure, and the exemption must itself be disclosed. The EPS calculator handles the weighted-average and anti-dilution mechanics.
Rounding, comparatives and signatures
Rounding is mandatory: below Rs 100 crore of total income, to hundreds, thousands or lakhs; at Rs 100 crore or more, to lakhs, millions or crores. Comparatives are required for every figure including the ageing tables and ratios. The statements are signed by the board and reported on by the auditor – the workbook prints the letterhead and both signature blocks from a single setup sheet.
Frequently Asked Questions
Which Schedule III division applies to my company?
Division I for companies following Accounting Standards (most private limited companies), Division II for Ind AS companies, Division III for Ind AS NBFCs. Everything on this page addresses Division I.
Has the format changed for FY 2025-26?
No fresh amendment touches Division I for FY 2025-26 – the format remains as amended effective 1 April 2021/2022. The 2026 MCA accounting standards amendments concern Ind AS companies from FY 2027-28.
Are the ageing schedules required even if there are no old balances?
Yes – the tables are part of the prescribed format. Columns simply carry nil where nothing falls in a bucket.
Is a cash flow statement compulsory for every company?
No – one person companies, small companies and dormant companies are exempt. All other companies preparing Division I statements include an AS 3 cash flow.
What does a complete set of financial statements include?
The Balance Sheet, the Statement of Profit and Loss, the cash flow statement (unless exempt), and the notes: significant accounting policies, the line-item notes with ageing tables, the ratios note, EPS and the additional regulatory disclosures – all with comparatives and signatures.
Content reflects Schedule III (Division I) as amended and in force for FY 2025-26, drafted in original wording. Verify disclosures against the statute for your facts. Not professional advice.