Every company registered under the Companies Act, 1956, is required to prepare its Balance Sheet, Statement of Profit and Loss, and the notes thereto in accordance with Schedule VI of the Act. Schedule VI has now been revised by the Ministry of Corporate Affairs (MCA) in order to keep the disclosure requirements in concurrence with the objective of achieving a fair and uniform presentation of financial information.
In Tally.ERP 9, the following are the Financial Statements that can be generated in the format as per the Revised Schedule VI:
● Balance Sheet
● Profit & Loss A/c
To view the Financial Statements
● Go to Gateway of Tally > Audit & Compliance > Financial Statements.