Balance sheet format (Schedule III)
A vertical balance sheet on the Schedule III headings: equity and liabilities, then assets. Enter your balances and the tool tells you if both sides agree.
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Balance Sheet as at ____
Equity and liabilities
Shareholders' funds (or owner's capital)
Non-current liabilities
Current liabilities
Assets
Non-current assets
Current assets
Balanced: both sides agree.
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Frequently asked questions
What is the Schedule III balance sheet format?
A vertical format with equity and liabilities (shareholders' funds, non-current and current liabilities) above assets (non-current and current). Both totals must agree.
Where do GST balances go on the balance sheet?
GST payable sits under other current liabilities; unused input tax credit sits under short-term loans and advances or other current assets.
Sources
GST rules change. Check the current position at the official source before you file or pay.