In this guide · 9 sections
- Schedule III is published as part of the Companies Act, not as a spreadsheet. This article gives the complete Division I balance sheet and Statement of Profit and Loss as tables you can copy into Excel, with the core notes skeleton.
- Columns: Particulars, Note No., current year and previous year. Comparatives are required for every item, including the notes, except in a company's first financial statements.
- Build it properly: one sheet per statement, a sheet for the notes, every face figure a formula pointing to its note total, a check row that must show zero, and one cell for the rounding unit.
- Use the current wording: Property, Plant and Equipment (not "Fixed assets" or "Tangible assets"), Total Income (not "Total Revenue"), trade payables split MSME / others on the face (since 2015), and current maturities of long-term borrowings under short-term borrowings (since 1 April 2021).
- Rounding is compulsory: with total income below ₹100 crore, round to hundreds, thousands, lakhs or millions (or decimals of them) and use the same unit throughout.
Try SignReady: Schedule III statements and notes in editable Excel, generated from the trial balance.
Start freeSearch for a Schedule III format in Excel and you will find plenty of templates — some still carrying "Tangible assets", "Total Revenue" or an Ind AS layout that a non-Ind AS company should not use. The Schedule itself is published as text in the Companies Act, 2013; neither MCA nor ICAI publishes an Excel template of the format that we know of (MCA's AOC-4 and XBRL forms are for filing the statements, not for preparing them). What follows is the complete Division I format laid out as tables you can copy straight into Excel — the balance sheet, the Statement of Profit and Loss and the core notes — with illustrative figures, followed by how to build the workbook so that it checks itself, and the Excel slips that most often end up in signed accounts. For the background to each line, see the Schedule III guide.
Which Schedule 3 format this is
Schedule III has three Divisions. Division I is for companies that follow the Accounting Standards (not Ind AS) — which covers most private companies audited by small firms. Division II is for Ind AS companies and Division III for NBFCs under Ind AS; their formats differ (for example, "Other equity" instead of "Reserves and surplus"), so do not mix templates. The format below follows the Division I text as amended by G.S.R. 207(E) with effect from 1 April 2021, which applies to FY 2025-26.
Three general instructions shape every sheet you build:
- Comparatives — corresponding amounts for the immediately preceding reporting period are given for all items, including the notes, except in the company's first financial statements.
- Cross-references — each item on the face is cross-referenced to the related note.
- Rounding — with total income below ₹100 crore, figures are rounded to the nearest hundreds, thousands, lakhs or millions, or decimals thereof (₹100 crore or more: lakhs, millions or crores). ICAI's Guidance Note confirms rounding is compulsory — full rupee figures are no longer an option — and once a unit is chosen it is used uniformly. More on rounding off in Schedule III.
Schedule 3 balance sheet format for Excel
Columns A to D: Particulars, Note No., figures as at the end of the current reporting period, figures as at the end of the previous reporting period. Illustrative figures for a small manufacturing company, ₹ in lakhs:
| Particulars | Note | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|---|
| I. EQUITY AND LIABILITIES | |||
| (1) Shareholders' funds — (a) Share capital | 2 | 50.00 | 50.00 |
| (b) Reserves and surplus | 3 | 182.40 | 141.10 |
| (c) Money received against share warrants | – | – | |
| (2) Share application money pending allotment | – | – | |
| (3) Non-current liabilities — (a) Long-term borrowings | 4 | 64.00 | 80.00 |
| (b) Deferred tax liabilities (Net) | 5 | 3.20 | 2.70 |
| (c) Other long-term liabilities | – | – | |
| (d) Long-term provisions | 6 | 6.10 | 5.40 |
| (4) Current liabilities — (a) Short-term borrowings | 7 | 96.50 | 88.00 |
| (b) Trade payables — (A) total outstanding dues of micro enterprises and small enterprises | 8 | 18.30 | 12.60 |
| (B) total outstanding dues of creditors other than micro enterprises and small enterprises | 8 | 74.90 | 69.80 |
| (c) Other current liabilities | 9 | 21.60 | 19.40 |
| (d) Short-term provisions | 10 | 9.80 | 8.20 |
| TOTAL | 526.80 | 477.20 | |
| II. ASSETS | |||
| (1) Non-current assets — (a) Property, Plant and Equipment and Intangible assets: (i) Property, Plant and Equipment | 11 | 148.60 | 139.20 |
| (ii) Intangible assets | 11 | 4.20 | 5.10 |
| (iii) Capital work-in-progress | 11 | 12.00 | – |
| (iv) Intangible assets under development | – | – | |
| (b) Non-current investments | 12 | 10.00 | 10.00 |
| (c) Deferred tax assets (net) | – | – | |
| (d) Long-term loans and advances | 13 | 7.50 | 6.90 |
| (e) Other non-current assets | 14 | 5.80 | 5.30 |
| (2) Current assets — (a) Current investments | – | – | |
| (b) Inventories | 15 | 142.70 | 128.40 |
| (c) Trade receivables | 16 | 158.30 | 141.60 |
| (d) Cash and cash equivalents | 17 | 18.90 | 22.80 |
| (e) Short-term loans and advances | 18 | 14.60 | 12.10 |
| (f) Other current assets | 19 | 4.20 | 5.80 |
| TOTAL | 526.80 | 477.20 |
Put the company name, "Balance Sheet as at 31 March 2026" and "(₹ in lakhs)" in the rows above the table, and "See accompanying notes to the financial statements" below it. Note 1 is conventionally used for corporate information and significant accounting policies, so the line notes start at 2.
Statement of Profit and Loss format
Same four columns. The illustrative figures continue from the balance sheet above (₹ in lakhs):
| Particulars | Note | FY 2025-26 | FY 2024-25 |
|---|---|---|---|
| I. Revenue from operations | 20 | 1,240.50 | 1,105.30 |
| II. Other income | 21 | 6.80 | 5.20 |
| III. Total Income (I + II) | 1,247.30 | 1,110.50 | |
| IV. Expenses: Cost of materials consumed | 22 | 742.10 | 668.40 |
| Purchases of Stock-in-Trade | 23 | 48.20 | 41.70 |
| Changes in inventories of finished goods, work-in-progress and Stock-in-Trade | 24 | (8.60) | (5.10) |
| Employee benefits expense | 25 | 152.40 | 139.80 |
| Finance costs | 26 | 17.90 | 18.60 |
| Depreciation and amortisation expense | 11 | 19.30 | 17.70 |
| Other expenses | 27 | 220.60 | 193.40 |
| Total expenses | 1,191.90 | 1,074.50 | |
| V. Profit before exceptional and extraordinary items and tax (III − IV) | 55.40 | 36.00 | |
| VI. Exceptional items | – | – | |
| VII. Profit before extraordinary items and tax (V − VI) | 55.40 | 36.00 | |
| VIII. Extraordinary items | – | – | |
| IX. Profit before tax (VII − VIII) | 55.40 | 36.00 | |
| X. Tax expense: (1) Current tax | 13.60 | 9.10 | |
| (2) Deferred tax | 0.50 | 0.30 | |
| XI. Profit (Loss) for the period from continuing operations | 41.30 | 26.60 | |
| XII–XIV. Discontinuing operations: profit/(loss), tax expense, profit/(loss) after tax | – | – | |
| XV. Profit (Loss) for the period (XI + XIV) | 41.30 | 26.60 | |
| XVI. Earnings per equity share (₹10 each): (1) Basic (2) Diluted | 28 | 8.26 | 5.32 |
Two details worth knowing. The printed form labels line XI as "(VII-VIII)"; arithmetically it is profit before tax less tax expense (IX − X), and that is how to build the formula. And the cross-checks are already visible in the example: the increase in reserves (182.40 − 141.10 = 41.30) equals the profit for the year, and the deferred tax charge (0.50) equals the movement in the deferred tax liability. Where those do not hold, the difference needs an explanation — a dividend, a transfer, an opening adjustment — before anything else.
The cash flow statement is not part of the Schedule III forms; it follows AS 3. Under the proviso to section 2(40) it need not be included by a one person company, small company or dormant company; a private company recognised as a start-up is also exempt under notification G.S.R. 583(E) of 13 June 2017, provided it has not defaulted in filing its financial statements or annual return.
SignReady generates the Schedule III balance sheet, Statement of Profit and Loss, cash flow (unless exempt) and notes from your trial balances as an editable Excel workbook, with previous-year figures and formulas linking the notes to the statements. First 3 finalisations free.
The core notes skeleton
The notes are where most of the Schedule III requirements sit. The skeleton below matches the note numbers used above; the right-hand column summarises the main items each note must show under Division I. The full list, with order and wording, is in notes to accounts format under Schedule III.
| Note | Head | Minimum content (Division I) |
|---|---|---|
| 1 | Corporate information and significant accounting policies | Policies as required by the Accounting Standards |
| 2 | Share capital | Authorised, issued, subscribed; reconciliation of shares; rights; holders of more than 5%; promoters' shareholding and % change |
| 3 | Reserves and surplus | Each reserve with additions and deductions; surplus with appropriations (a debit balance shown as negative) |
| 4, 7 | Long-term and short-term borrowings | Classification, secured / unsecured with nature of security, terms of repayment, guarantees by directors, defaults; current maturities shown separately in short-term borrowings |
| 8 | Trade payables | MSME dues and interest (FA), ageing schedule (FB) with unbilled dues separately |
| 9, 10 | Other current liabilities; short-term provisions | Interest accrued, income received in advance, statutory and other payables; employee benefits and other provisions |
| 11 | PPE, intangibles, CWIP | Class-wise reconciliation of gross and net carrying amounts, depreciation; CWIP ageing |
| 12–14 | Investments, loans and advances, other non-current assets | Classification; secured / unsecured considered good, doubtful; related party and director dues |
| 15 | Inventories | Raw materials, WIP, finished goods, stock-in-trade, stores; goods in transit; mode of valuation |
| 16 | Trade receivables | Ageing schedule (five buckets; undisputed / disputed, considered good / doubtful), secured / unsecured, allowance, dues from directors |
| 17–19 | Cash, short-term loans and advances, other current assets | Balances with banks, cheques and drafts, cash on hand; earmarked balances, margin money and security deposits with banks, repatriation restrictions, bank deposits over 12 months (ICAI suggests the caption Cash and bank balances: cash and cash equivalents as per AS 3, plus other bank balances) |
| 20–27 | Revenue, other income and each expense head | Sale of products / services / other operating revenue; interest, dividend; salaries, PF contributions, staff welfare; interest and other borrowing costs; items over 1% of revenue from operations or ₹1 lakh, whichever is higher; payments to the auditor |
| 28 onwards | Additional information | EPS, contingent liabilities and commitments, related parties, ratios with reasons for changes over 25%, additional regulatory information, CSR where applicable |
A worked note shows how the linking works. Note 7, Short-term borrowings (₹ in lakhs):
| Particulars | 31 Mar 2026 | 31 Mar 2025 |
|---|---|---|
| Secured — Loans repayable on demand from banks (cash credit, secured by hypothecation of stock and book debts) | 72.30 | 65.20 |
| Current maturities of long-term borrowings (term loan, see note 4) | 16.00 | 16.00 |
| Unsecured — Loans from related parties (directors), repayable on demand | 8.20 | 6.80 |
| Total | 96.50 | 88.00 |
The total is a =SUM() of the lines; the balance sheet cell for short-term borrowings is =Notes!C40 (or wherever the total sits) — never a typed 96.50.
How to build the Schedule III format in Excel
- One sheet per statement. "BS", "PL", "CashFlow" and "Notes" (or one sheet per note for a larger file). A separate "TB" sheet holds the trial balance with a column mapping each ledger to a note line.
- Notes from the TB by formula. Each note line is a
=SUMIFS(TB!D:D, TB!F:F, "Short-term borrowings – CC")on the mapping column, so a revised trial balance flows through without retyping. - Face from the notes by formula. Every figure on the BS and PL sheets points to a note total. Typed numbers on the face are how a note and the statement drift apart.
- A rounding unit cell. Keep the source figures in rupees and put the divisor (100000 for lakhs) in one named cell. Each displayed figure is
=ROUND(source/Unit, 2), and totals add the rounded figures, so the notes add up on the page. - Check rows that must show zero. Total assets less total equity and liabilities; each note total less its face line; profit for the year less the movement in surplus; and the sum of all mapped TB balances (debits positive, credits negative) equal to zero. Use conditional formatting to turn a non-zero check red.
- Previous year as its own source. Enter the previous-year column from last year's signed statements, regrouped where necessary, and keep a note of each regrouping — do not copy last year's draft.
If you are starting from Tally, the mapping step is covered in from Tally trial balance to draft Schedule III statements.
Common Excel pitfalls
- An old template. "Fixed assets — Tangible assets", "Total Revenue", current maturities sitting in other current liabilities, or a single trade payables line. Each of these changed between 2015 and 2021; a downloaded template may predate them.
- A Division II layout. "Other equity", "Financial assets" and "credit impaired" belong to Ind AS formats, not Division I.
- Rounding differences. Rounding each line and the total independently leaves notes that are 0.01 out. Round once at line level and add the rounded figures; where the balance sheet is then off by a rounding difference, adjust a line deliberately and record it in the working rather than leaving it to chance.
- Signs. Credit balances exported from Tally as negatives make liabilities and income negative on the face; "Changes in inventories" has its sign reversed when the formula is closing minus opening instead of opening minus closing.
- Numbers stored as text. Pasted TB figures with commas or "Dr/Cr" suffixes are skipped by SUM without warning. A check total of the TB catches this.
- Links to another workbook. Formulas pointing to last year's file break when it is moved or renamed. Keep everything the statements need inside one workbook.
- Hidden rows and filtered ranges. A hidden row still counts in SUM but is not printed — the note then appears not to add up.
- Nil lines left without comparatives. If a line had a balance last year, it stays in the format this year, with "–" in the current year column.
Two notes deserve their own layout in the workbook: the ageing tables (see trade receivables and payables ageing under Schedule III) and the ratios, where each of the eleven needs both years and a reason for any change above 25% — see Schedule III ratios.
About "Schedule III format download"
The authoritative format is the Schedule as amended, available on India Code; ICAI's Guidance Note on Division I explains each line. Any downloadable Excel file is someone's interpretation of that text, so check it against the points above before you use it. The tables in this article are complete for the face of both statements and give the minimum content of each note; copy them into Excel, build the formulas as described, and you have a format you can trust year after year — or have the whole workbook generated from the trial balance and spend the time reviewing instead.
Try SignReady: Previous year, ageing, MSME note and ratios included. First 3 finalisations free.
Start freeFrequently asked questions
Is there an official Schedule III format in Excel?
Not that we know of. Schedule III is published as part of the Companies Act, 2013 (available on India Code), not as a spreadsheet; neither MCA nor ICAI publishes an Excel template of it, and the MCA AOC-4 and XBRL forms are for filing, not preparation. Any Excel template is an interpretation of that text, so check it uses the Division I wording as amended from 1 April 2021.
What columns does the Schedule III balance sheet format have?
Four: Particulars, Note No., figures as at the end of the current reporting period and figures as at the end of the previous reporting period. The Statement of Profit and Loss uses the same columns for the current and previous periods.
Can a company show full rupee figures in Schedule III financial statements?
No. Since the 2021 amendment rounding off is mandatory. A company with total income below ₹100 crore rounds to the nearest hundreds, thousands, lakhs or millions (or decimals thereof), and the same unit must be used throughout the statements and notes.
Where are current maturities of long-term borrowings shown in Schedule III?
Under short-term borrowings, disclosed separately in that note. Since 1 April 2021 they are no longer shown under other current liabilities in Division I.
Is the cash flow statement part of the Schedule III format?
No. Schedule III prescribes the balance sheet, Statement of Profit and Loss and notes; the cash flow statement follows AS 3. Under section 2(40) it need not be included by a one person company, small company or dormant company, and under G.S.R. 583(E) (13 June 2017) by a private company recognised as a start-up that has not defaulted in filing its financial statements or annual return.
Sources
- Companies Act, 2013 — Schedule III, Division I (India Code, as amended)
- Schedule III amendment — G.S.R. 207(E), 24 March 2021 (Gazette)
- ICAI — Guidance Note on Division I – Non Ind AS Schedule III (Revised January 2022)
- Companies Act, 2013 — section 2(40) proviso (India Code)
- G.S.R. 583(E), 13 June 2017 — start-up private company exemptions (Gazette)
Upload the client's Tally trial balances to SignReady: ledgers are mapped through Tally groups, and you get the Schedule III statements and notes in editable Excel, with previous year, the ageing tables, the MSME note and the eleven ratios with variance %. FinalCheck then flags arithmetic and cross-reference differences. First 3 finalisations free.
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Version history: 17 Oct 2026 — first published.
