Which is true in respect of preparation of financial statements as prescribed under the Schedule III of Companies Act 2013?
Answer & explanation
Correct answer: option 4
The correct answer is option 4- None of the above.
As per Schedule III of the Companies Act 2013, ‘Sundry Debtors’ and ‘Sundry Creditors’ replaced by terms ‘Trade Receivables’ and ‘Trade Payables’ respectively. So, the correct answer is none of the above.