In this article, we will show you quick steps on how to create a ** revised Schedule 3 balance sheet format** in Excel with formula.

**Table of Contents** hide

Download Practice Workbook

Balance Sheet

Revised Schedule 3 Balance Sheet

Step-by-Step Procedures to Create Revised Schedule 3 Balance Sheet Format in Excel with Formula

Step 1: Setting Up Balance Sheet Format

Step 2: Entering Note Details

Step 3: Linking Notes to Balance Sheet

Basic Balance Sheet Format in Excel

Things to Remember

Conclusion

Related Articles

## Download Practice Workbook

You can download the Excel file from the link below.

**Creating Revised Schedule 3 Balance Sheet.xlsx**

## Balance Sheet

It summarizes the financial position of the company after a certain period and is also known as a Statement of Financial Position/condition. In general, a **balance sheet** consists of three parts. And, these are assets, liabilities, and owners’ equity. A balance sheet provides a glimpse of the company’s finances. The balance sheet consists of the company’s liabilities, assets, and owner’s equity. Balance sheets are organized according to the equation:

`Assets = Liabilities + Owner’s Equity`

**Assets:**These are the main resources owned by the company. Assets can be categorized into many types. Examples- current and fixed assets, tangible and intangible assets, etc.**Liabilities:**They are things that the company owes to a person or another company, like cash, loans, etc.**Owner’s Equity:**It represents the value for a company’s shareholders after all the company’s assets have been sold off and all company liabilities have been paid off.

## Revised Schedule 3 Balance Sheet

Indian company law is governed by the 2013 Companies Act, an Act of the Indian Parliament. The incorporation of a company, the duties of a company, the election of directors, and the dissolution of a company are all governed by this document. Schedule III, or 3 is a part of that act. This represents the “general instructions for the preparation of the balance sheet and income statement of a company.” There are three divisions of companies:

- Division I → This is for the companies that need to maintain the “companies rules (accounting standards) 2006”
- Division II → This is for the companies that must adhere to the “companies rules (Indian accounting standards) 2015”
- Division III → For the non-banking financial institutions following the “companies rules (Indian accounting standards) 2015”

The 2021 amendment to this schedule emphasizes the need for companies to disclose more information. On the basis of this modification, we’ll demonstrate how to make a revised Schedule 3 balance sheet format in Excel with a formula.

## Step-by-Step Procedures to Create Revised Schedule 3 Balance Sheet Format in Excel with Formula

There will be 3 simple steps to show you the procedures to create a ** revised Schedule 3 balance sheet format** in Excel with the formula. We will set up the balance sheet format in the first step. After that, we will input the note details in the second step. Lastly, we will link the values from the notes to the balance sheet format.

### Step 1: Setting Up Balance Sheet Format

In this first step, we will specify the balance sheet format according to the revised Schedule 3 in Excel with the formula. Our company name is “ABC Company Limited,” and this is a Division I company. We are creating the balance sheet for March 31, 2022, as the Indian fiscal year starts on April 1.

- Firstly, type the following fields on the spreadsheet.
- Secondly, add the note numbers which we will input in the second step.
- Moreover, we will add two columns for this year and the last year.
- So, in the following image, you can see the equity and liabilities part of the balance sheet.

- Lastly, you can observe the assets part of the balance sheet.
- Thus, we complete the first step of creating the basic format for the
.*revised Schedule 3 balance sheet*

**Read More: ****Balance Sheet Format of a Company in Excel (Download Free Template)**

### Step 2: Entering Note Details

We will input the values inside the notes and then link those values to the respective cells from the balance sheet format in this step. There are twenty notes for the ** revised Schedule 3 balance sheet format**. The first note is for the company’s accounting policies. Then, the next nine notes are for the equity and liability parts. Finally, the last 10 notes are for the assets part of the balance sheet.

- To begin with, type the company accounting policies in the “note 1” sheet.

- After that, type the details of note 2 for the equity share capital. Here the values are inserted randomly.

- Next, type the details of note 3 for the surplus.

- Then, type the details of the share application money pending allotments.

- Next, type the values for notes 5, 6, and 7.

- After that, type the details for note 8.

- Afterward, type the following formula to find the total values of other current liabilities. Moreover, type the details for note 10.

`=SUM(E132:E141)`

- Then, type the following formula to find the value of the total gross block.

`=E10+F10-G10`

- Next, type this formula to calculate the value of depreciation.

`=I10+J10-L10+K10`

- After that, type this formula to find the value of the netblock.

`=H10-M10`

- Next, type the following formula to return the total amount. Additionally, type the previous year’s values.

`=SUM(G10:G16)`

- After that, type the details for note 12.

- Then, type the following values to complete note 13.

- Then, type the details for notes 14 and 15.

- Then, type these values to complete notes 16 and 17.

- Lastly, type the following values. Consequently, this will complete the notes for the
in Excel.*revised Schedule 3 balance sheet format*

**Read More: ****Schedule 6 Balance Sheet Format in Excel**

**Similar Readings**

**Balance Sheet Format in Excel for Proprietorship Business****How to Make Profit and Loss Account and Balance Sheet in Excel****Make Projected Balance Sheet in Excel (with Quick Steps)****How to Make Stock Balance Sheet in Excel (with Quick Steps)****Net Worth Formula Balance Sheet in Excel (2 Suitable Examples)**

### Step 3: Linking Notes to Balance Sheet

In this last step, we will link to the values from the notes on the balance sheet. We will use the SUM function to calculate the total values. Without further ado, let us see how we can complete the process.

- Firstly, link the values for the share capital from the “notes 2 to 10” sheet. In the formula bar, we can see the following formula.

`='notes 2 to 10'!E15`

- Secondly, link the values from the notes to the rest of the values in the balance sheet.
- Thirdly, type the following formula in cell
to find the total values of equity and liability.*D23*

`=D9+D10+D11+D13+D14+D15+D17+D18+D21+D22`

- Then, press
and it will return the total value.*ENTER*

- Afterward, type this formula in cell
to calculate the value of the total assets.*D40*

`=SUM(D27:D39)`

- Lastly, press
and we can see that the balance sheet balances.*ENTER*

- Lastly, complete the values for the year 2021 and the final output will look similar to this snapshot. Here, we have hidden some rows for better visualization.

**Read More: ****How to Create Common Size Balance Sheet in Excel**

## Basic Balance Sheet Format in Excel

In this section, we will describe the steps to create a basic balance sheet format in Excel with a formula. We will again use the ** SUM **function to calculate the total values.

**Steps:**

- Firstly, type the following details to create the balance sheet format.
- Secondly, insert the relevant values and type this formula to find the value of total current assets.

`=SUM(C7:C9)`

- Thirdly, type another formula to find the values of the total assets.

`=SUM(C10,C13)`

- Fourthly, type this formula to return the total current liabilities.

`=SUM(C16:C18)`

- Finally, type this formula in cell
to calculate the values of total liabilities and shareholder’s equity. Moreover, we can see the balance sheet balances.*C25*

`=SUM(C21,C24)`

**Read More: ****Balance Sheet Format in Excel with Formulas (Create with Easy Steps)**

## Things to Remember

- This balance sheet format in
**Excel**based on the revised Schedule 3 should be used as a practice tool. This should not be the basis for your financial records. You should consult with a chartered accountant after preparing the balance sheet. - The values are in crores and arbitrary.

## Conclusion

We have shown you three quick steps on how to create a** revised Schedule 3 balance sheet format **in Excel with the formula. If you face any problems regarding these methods or have any feedback for me, feel free to comment below. However, remember that our website implements comment moderation. Therefore, your comment may not be instantly visible. So, have a little bit of patience, and we will solve your query as soon as possible. Moreover, you can visit our site, ExcelDemy for more Excel-related articles. Thanks for reading, keep excelling!

## Related Articles

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## FAQs

### How do I create a balance sheet in Excel with formulas? ›

**How to create a balance sheet in Excel**

- Format your worksheet. You can create a balance sheet in Excel by first creating a title section and labels for your worksheet. ...
- Enter dollar amounts. Leave a column of space between your asset labels and the location in which you want to enter the dollar amounts. ...
- Add totals.

**What is the formula for balance sheet format in Excel? ›**

**Assets = Liabilities + Equity**

According to the accounting equation, net worth must equal assets minus liabilities. Balance Sheets are usually calculated after every quarter, six months, one year, or one for each business transaction.

**How do you round off a balance sheet on Schedule 3? ›**

Rounding off

**To the nearest hundreds, thousands, lakhs or millions, or decimals thereof**. To the nearest lakhs, millions or crores, or decimals thereof. (ii) Once a unit of measurement is used, it [should] be used uniformly in the Financial Statements.

**Does Excel have a balance sheet template? ›**

**A balance sheet template in excel is a document that allows you to input your financial data and automatically generate a formatted balance sheet**. This can be a useful tool if you want to create a balance sheet for your business or personal finances.

**How do you display a worksheet with formulas? ›**

In your Excel worksheet, **go to the Formulas tab > Formula Auditing group and click the Show Formulas button**. Microsoft Excel displays formulas in cells instead of their results right away. To get the calculated values back, click the Show Formulas button again to toggle it off.

**How do I change a formula to accounting in Excel? ›**

On the Home tab, click the Dialog Box Launcher next to Number. Tip: You can also press Ctrl+1 to open the Format Cells dialog box. In the Format Cells dialog box, in the Category list, click Currency or Accounting.

**What are all the balance sheet formulas? ›**

**The formulas for these ratios are:**

- Debt to assets ratio = (Short-term debt + long-term debt) / Total assets.
- Equity to assets ratio = Shareholders' equity / Total assets.
- Debt to equity ratio = Total liabilities / Shareholders' equity.
- Average inventory = (beginning inventory + ending inventory) / 2.

**Which is the equation is correct in the balance sheet? ›**

Explanation: The basic equation that is followed while preparing the balance sheet is **Assets = Liabilities + Capital**.

**Which of the following is the correct accounting equation formula in the balance sheet? ›**

The correct form of accounting equation is **Assets – Liabilities = Equity**. It can also be written as Assets = Liabilities + Equity. This equation is also known as the balance sheet equation.

**What is the formula for Schedule 3 ratios? ›**

It is calculated by **dividing the net credit purchases by average creditors**. When the information about credit purchases, opening and closing balances of trade creditors is not available then the ratio is calculated by dividing total purchases by the closing balance of trade creditors.

### What is Schedule 3 balance sheet? ›

Schedule III of the Companies Act, 2013 **provides the manner in which the company registered under the Act should prepare its 'Balance Sheet', 'Statement of Profit and Loss' and 'notes'**.

**What does Schedule 3 balance sheet contain? ›**

**(1) Non-Current Assets**

- Property, Plant and Equipment.
- Intangible assets.
- Capital work in progress.
- Intangible assets under development*

**How do you format a balance sheet? ›**

**How to make a balance sheet**

- Invest in accounting software. ...
- Create a heading. ...
- Use the basic accounting equation to separate each section. ...
- Include all of your assets. ...
- Create a section for liabilities. ...
- Create a section for owner's equity. ...
- Add total liabilities to total owner's equity.

**Where do I find Excel templates on Excel? ›**

Click Templates at the top of the page. **On the Templates page, click Excel**. Tip: To see more templates, under BROWSE BY CATEGORY, click the category (like Calendars) that you want to see. Click the template you want, click Edit in Browser, sign in if prompted, and then click Continue.

**What is the best font for balance sheet in Excel? ›**

Font type. Here is a quick tip, fonts of the sans-serif group are the best for your Excel spreadsheet if readability is your goal. **Calibri, Helvetica, Arial or Playfair** are few examples. If used with the right alignment, spacing, and color, they can bring out the best in your Excel presentation.

**What is the best method to display formulas within a worksheet? ›**

**Click on Formulas and then click on Show Formulas** to switch between displaying formulas and results.

**Do formulas work across sheets? ›**

Start typing a formula either in a destination cell or in the formula bar. When it comes to adding a reference to another worksheet, switch to that sheet and select a cell or a range of cells you want to refer to. Finish typing the formula and press the Enter key to complete it.

**Which function key can you use to display formulas in your spreadsheet? ›**

The shortcut to show the formula in Excel is “**Ctrl + `**.” The key (') is on the keyboard below the “Esc” button.

**What Excel formulas should accountants know? ›**

But, which formulas as must-haves for accounting? The accounting formulas I always recommend are **VLOOKUP, INDEX MATCH, IF, AND, and OR**.

**Which Excel formula would be useful in accounting? ›**

Functions for Accountants

**SUMIFS**: With this function, you can sum values from an array using multiple conditions. AVERAGEIFS: With this function, you can average values from an array using multiple conditions. COUNTIFS: With this function, you can count values from an array using multiple conditions.

### What formulas are used in accounting? ›

**What is an Accounting Formula?**

- Current Ratio = Current Assets/ Current Liabilities.
- Net Income = Income - Expenses.
- Cost of Goods Sold = Opening inventory value + Purchases of inventory – Closing inventory value.
- Gross Profit = Sales - Cost of Goods Sold.
- Gross profit Margin = Gross Profit/ Sales.

**What is the formula for the basic balance? ›**

The basic balance is **the sum of the current account balance and the net movement of long term capital** (direct and portfolio investments).

**What is the formula for assets and liabilities? ›**

The main accounting equation is: **Assets = Liabilities + Equity**. Together, they make up a company's balance sheet. The concept behind it is that everything the business has came from somewhere — either a third party, such as a lender, or an owner, such as a stockholder.

**What is the formula for total equity on a balance sheet? ›**

Equity is the residual value of a company after all its assets are liquidated and all liabilities to its creditors paid. The formula for equity is: **Total Equity = Total Assets - Total Liabilities**.

**How do you calculate total liabilities and equity on a balance sheet? ›**

Everything the company owns is classified as an asset and all amounts the company owes for future obligations are recorded as liabilities. On the balance sheet, **total assets minus total liabilities equals equity**.

**What is the correct equation for total assets? ›**

Thus, the accounting equation is: **Assets = Liabilities + Owner's equity**. The balance sheet is a complex display of this equation, showing that the total assets of a company are equal to the total of liabilities and owner's equity.

**What are the three formulas of accounting equation? ›**

**The following are the different types of basic accounting equation:**

- Asset = Liability + Capital.
- Liabilities= Assets - Capital.
- Owners' Equity (Capital) = Assets – Liabilities.

**What is the formula for schedule? ›**

Schedule Variance can be calculated using the following formula: **Schedule Variance (SV) = Earned Value (EV) – Planned Value (PV)** Schedule Variance (SV) = BCWP – BCWS.

**Is Schedule 3 balance sheet vertical or horizontal? ›**

The Schedule III prescribes only the **vertical format** for presentation of financial statements. Thus, a company will now not have an option to use horizontal format for the presentation of financial statements.

**What are current assets as per Schedule 3? ›**

An asset shall be classified as current when it satisfies any of the following criteria:— (a) **it is expected to be realised in, or is intended for sale or consumption in, the company's normal operating cycle**; (b) it is held primarily for the purpose of being traded; (c) it is expected to be realised within twelve ...

### What is an example Schedule 3? ›

Examples of Schedule III narcotics include: **products containing not more than 90 milligrams of codeine per dosage unit (Tylenol with Codeine®), and buprenorphine (Suboxone®)**.

**What are the changes in the revised Schedule III? ›**

the MCA revised Schedule III of the Companies Act 2013 with the goal of **increasing openness and giving users of financial statements more disclosures with effect from On March 24, 2021**. These changes will be in effect as of 1 April 2021 and will therefore apply to the financial statements created for FY 2021–2022.

**In which format financial statements are prepared as per Schedule III? ›**

1) **VERTICAL FORMAT**

As per schedule 3 financial statements are to be prepared in VERTICAL format.

**Which are the three 3 major parts of balance sheet *? ›**

A business Balance Sheet has 3 components: **assets, liabilities, and net worth or equity**. The Balance Sheet is like a scale. Assets and liabilities (business debts) are by themselves normally out of balance until you add the business's net worth.

**What is materiality as per Schedule 3? ›**

It requires financial statements to disclose all 'material' items, i.e., the items if they could, individually or collectively, influence the economic decisions that users make on the basis of financial statements. Materiality **depends on the size and nature of the item judged in particular circumstances**.

**What is the most common format for balance sheets? ›**

**Vertical Balance Sheet Format**

This is the most common balance sheet format in accounting. In this, there is a single column of numbers. It begins with assets, then liabilities, and ends with shareholder's equity. Items under each of these categories are listed in decreasing order of liquidity.

**How do you calculate balance sheet step by step? ›**

**How to make a balance sheet in 8 steps**

- Step 1: Pick the balance sheet date. ...
- Step 2: List all of your assets. ...
- Step 3: Add up all of your assets. ...
- Step 4: Determine current liabilities. ...
- Step 5: Calculate long-term liabilities. ...
- Step 6: Add up liabilities. ...
- Step 7: Calculate owner's equity.

**What are the two types of balance sheet format? ›**

Standard accounting conventions present the balance sheet in one of two formats: **the account form (horizontal presentation) and the report form (vertical presentation)**.

**How do I create a master template in Excel? ›**

Click File, and then click Save As. In the File name box, type the name that you want to use for the template. In the Save as type box, click Excel Template, or click Excel Macro-Enabled Template if the workbook contains macros that you want to make available in the template. Click Save.

**What font do accountants use? ›**

**Grotesque and geometric sans-serif fonts** can suit accountants that identify as modern and that want to convey a certain cleanness of line. You might say they're tranquil. Another slight variant are humanist sans-serif fonts.

### What font style for Excel formula? ›

The default font in Excel is **Calibri**. The font name can be changed for both numbers and text.

**What is the best font for calculations? ›**

**Noto Sans Math** is a font that contains symbols for mathematical notation.

**How do you make a simple balance sheet? ›**

**How to Prepare a Basic Balance Sheet**

- Determine the Reporting Date and Period. ...
- Identify Your Assets. ...
- Identify Your Liabilities. ...
- Calculate Shareholders' Equity. ...
- Add Total Liabilities to Total Shareholders' Equity and Compare to Assets.

**How do I make my own balance sheet? ›**

**How to make a balance sheet in 8 steps**

- Step 1: Pick the balance sheet date. ...
- Step 2: List all of your assets. ...
- Step 3: Add up all of your assets. ...
- Step 4: Determine current liabilities. ...
- Step 5: Calculate long-term liabilities. ...
- Step 6: Add up liabilities. ...
- Step 7: Calculate owner's equity.

**How do you make a complete balance sheet? ›**

**Here are the basic steps to building a balance sheet:**

- List all assets and their current, fair market value.
- List all debts and liabilities.
- Calculate total assets and total liabilities.
- Subtract the value of liabilities from the value of assets.
- The result is the equity/net worth of a business or person.

**How does a simple balance sheet look like? ›**

The balance sheet **includes three components: assets, liabilities, and equity**. It's divided into two sides — assets are on the left side, and total liabilities and equity are on the right side. As the name implies, the balance sheet should always balance.

**What is the basic rule of balance sheet? ›**

Rule #1: **Assets = Liabilities + Equity**

This simple equation is why it's called the balance sheet. It's always in balance because it tells the story about how your assets are financed. This is known as the capital structure of your company.

**What is a simple balance sheet structure? ›**

The Basics

Three aspects comprise a balance sheet: **assets, liabilities, and shareholders' or owners' equity**. In simple terms, the liabilities plus the shareholders' equity should equal the assets. If the accounting is done correctly, both sides of the balance sheet will be equal.

**Is there a formula for balance sheet? ›**

What Is the Balance Sheet Formula? A balance sheet is calculated by balancing a company's assets with its liabilities and equity. The formula is: **total assets = total liabilities + total equity**.

**What is the formula for net worth on a balance sheet? ›**

**NET WORTH= TOTAL ASSETS – TOTAL LIABILITIES**.

### How do you list personal assets and liabilities? ›

**How to set up a personal net worth statement.**

- List your assets (what you own), estimate the value of each, and add up the total. Include items such as: ...
- List your liabilities (what you owe) and add up the outstanding balances. ...
- Subtract your liabilities from your assets to determine your personal net worth.

**What are the 3 components of balance sheet? ›**

A business Balance Sheet has 3 components: **assets, liabilities, and net worth or equity**. The Balance Sheet is like a scale. Assets and liabilities (business debts) are by themselves normally out of balance until you add the business's net worth.

**What is the basic formula of the financial statement? ›**

The balance sheet is based on the fundamental equation: **Assets = Liabilities + Equity**.

**How do I create a spreadsheet to manage finances? ›**

**How to create a budget spreadsheet**

- Choose a spreadsheet program or template.
- Create categories for income and expense items.
- Set your budget period (weekly, monthly, etc.).
- Enter your numbers and use simple formulas to streamline calculations.
- Consider visual aids and other features.

**How many financial formulas are there in Excel? ›**

Though there are **more than 50+** Financial Functions in Excel, here is the list of Top 15 financial functions in excel that are most frequently used in practical situations.