Which is true in respect of preparation of financial statements as prescribed under the Schedule III of Companies Act 2013?

"Sundry Debtors" is replaced by terms "Trade Payable" "Sundry Creditors" is replaced by terms "Trade Receivables" Both 1 and 2 None of the above

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.