Balance sheet format generator (Schedule III)

Last reviewed: October 2026

What a balance sheet is

A balance sheet shows a business's financial position on one date, usually 31 March. One side lists what it owns and is owed (assets); the other lists where the money came from: the owners (capital, or share capital and reserves) and outsiders (loans, creditors, taxes payable, provisions).

Every rupee of assets was financed by someone, so the two sides are always equal. That is the accounting equation:

It is prepared from the closing balances in the trial balance, after the profit and loss account has been drawn up and the year's profit added to capital or reserves. For a company it is one of the "financial statements" in section 2(40) of the Companies Act, 2013, with the statement of profit and loss, the cash flow statement (which one person, small and dormant companies may omit) and the notes.

How to make a balance sheet with this generator

1. Fill in "Business"Enter the "Business name", the "CIN (optional)" for a company, and the "Balance sheet as at" date. Choose the "Type of business": "Company (Schedule III)" gives the vertical format; "Proprietorship", "Partnership firm" and "LLP" give the horizontal "Liabilities | Assets" layout with capital accounts. Pick "Show amounts in" (Rupees, Thousands, Lakhs or Crores) and tick "Show previous year" for the comparative column.
2. Enter your ledger balancesUnder "Ledger balances", add one row per ledger with its "Ledger name", the Schedule III line it "Goes under", and the amounts for "This year" and "Previous year". Use "Add ledger" for more rows. "Load example" fills in Sahyadri Steel Fabricators; "Start blank" clears the form.
3. Check the previewThe A4 preview groups the ledgers into Schedule III lines with sub-totals and the two totals, numbers the notes from Note 3, and lists the ledgers under each line in "Notes forming part of the balance sheet". The check reads "Totals match", or "Difference of ₹X: check the ledgers" if a ledger is missing or on the wrong side.
4. Download, print or export"Download PDF" is free, with a small LuckPanda footer and a verification code; "Print" prints the A4 page; "Download CSV" opens in Excel. The signature block has placeholders for directors with DIN and the auditor's firm and FRN, or for the proprietor or partners.
5. Or let your books do itSign in free to LuckPanda Finance and the balance sheet comes from your own books (Finance › Reports), with each total opening to its ledgers.

The Schedule III format for companies, line by line

Section 129 of the Companies Act requires a company's financial statements to give a true and fair view, to comply with the notified accounting standards, and to be in the form set out in Schedule III. Division I applies to companies that follow the Accounting Standards (most private and small companies). The face of the balance sheet is vertical: equity and liabilities first, assets below, and three columns of figures.

Note No. points to the note that breaks each line down; Notes 1 and 2 are usually corporate information and accounting policies, so line notes start at 3. Previous-period figures are required for every item, notes included, except in a company's first financial statements.

Current or non-current?

An asset or liability is current if it will be realised or settled within the operating cycle or 12 months (or is held for trading, or is unrestricted cash); everything else is non-current. That is why one bank loan can appear twice: instalments due in the next 12 months under short-term borrowings, the rest under long-term borrowings.

Rounding off

The 2021 amendment made rounding mandatory ("shall" instead of "may") and switched the test from turnover to Total Income. Once you pick a unit, use it throughout the statements and say it at the top: "₹ in lakh". Rupees in full is fine for a small company; a company with Total Income of ₹100 crore or more cannot report in rupees or thousands.

What changed on 1 April 2021

The Ministry of Corporate Affairs amended Schedule III by notification dated 24 March 2021, effective for financial years starting on or after 1 April 2021. Many free templates still show the older format. The changes that affect the face and the notes of a Division I balance sheet:

The 11 ratios are current ratio, debt-equity, debt service coverage, return on equity, inventory turnover, trade receivables turnover, trade payables turnover, net capital turnover, net profit ratio, return on capital employed and return on investment.

It also added "Additional regulatory information" notes: title deeds not in the company's name, loans to promoters, directors and KMPs, benami property, wilful-defaulter status, quarterly returns to banks, struck-off companies, unregistered charges and the use of borrowed funds, among others. Where one does not apply, say "Nil" rather than leaving it out.

Worked example: Sahyadri Steel Fabricators Private Limited

Sahyadri Steel Fabricators is a small private company in Pune that makes steel racks. It follows the Accounting Standards, so it uses Division I. These are the default figures in the generator above; press "Load example" to see them in the preview.

The generator's example has 24 ledgers. Most map one to one onto a Schedule III line; five lines combine ledgers. Reserves and surplus is the general reserve (₹20,00,000) plus the surplus in profit and loss (₹1,12,40,000). Short-term borrowings is the cash credit (₹38,50,000) plus the current maturities of the term loan (₹15,00,000). Other current liabilities is GST payable (₹4,10,000) plus statutory dues and expenses payable (₹5,50,000). Cash and cash equivalents is cash in hand (₹1,20,000) plus the HDFC Bank current account (₹13,50,000). Grouped, with notes numbered from 3, the balance sheet reads:

Both totals match: ₹3,78,00,000 this year and ₹3,38,90,000 last year. Lines with nothing in either year (money against share warrants, other long-term liabilities, deferred tax assets, current investments and so on) are left out of the face. Their numbering letters are reassigned, which is normal practice.

The same balance sheet in ₹ lakh

With Total Income below ₹100 crore, the company may round to lakhs. Choose "Lakhs" in "Show amounts in" and the preview shows:

Three of the notes

The surplus rose by ₹33,80,000, the profit for 2025-26, since no dividend was paid. (The previous-year movement is blank only because the example does not give the 2024-25 profit.)

The note should also say what secures each loan (a cash credit is usually secured by hypothecation of stock and book debts) and give the terms of repayment. Note 5 then shows the term loan's remaining balance of ₹60,00,000 as long-term.

Ageing runs from the due date (or the transaction date if none was agreed); unbilled dues are shown separately. The generator prints the ledgers under each line as "Notes forming part of the balance sheet"; add the ageing schedules, the promoter shareholding and the regulatory disclosures with your auditor.

Ratios you can read from this balance sheet

Some of the Schedule III ratios need only the balance sheet; others also need the profit and loss figures. For Sahyadri Steel:

Total borrowings are long-term borrowings plus short-term borrowings, so the current maturities are counted once: ₹60,00,000 + ₹53,50,000 = ₹1,13,50,000. Last year it was ₹75,00,000 + ₹47,00,000 = ₹1,22,00,000.

Current assets cover current liabilities about 1.6 times, slightly better than last year. The quick ratio just under 1 is common for a manufacturer carrying steel stock. Debt-equity fell from 0.82 to 0.62 as ₹15,00,000 of the term loan was repaid and retained profit grew equity: a change of 24.2%, just under the 25% at which Schedule III requires an explanation.

Division I, II or III: which format applies

The generator produces Division I. An Ind AS company's Division II statement has the same totals but different headings and groupings.

Proprietorship balance sheet: the horizontal format

No statute prescribes a balance sheet format for a sole proprietor. The traditional Indian format is horizontal (the "T" or account form): liabilities and capital on the left, assets on the right. In the generator, choose "Proprietorship" in "Type of business" and the preview switches to a "Liabilities | Assets" layout headed by the capital account.

Here is Mehta Traders, a trading firm in Nagpur owned by Rohan Mehta, prepared from the trial balance worked through on the trial balance format page. Net profit for 2025-26 was ₹3,86,000, and closing stock was ₹3,10,000.

On paper or in the PDF the two sides sit next to each other. Both total ₹16,81,000. The depreciation of ₹60,000 had already been charged in the books, so the fixed assets are shown at their written-down values. GST payable and input GST are shown separately, on their own sides, because the March return is filed after 31 March and the set-off has not happened yet.

Items can be arranged in the order of permanence (capital and fixed assets first, as here and in Schedule III) or the order of liquidity (cash first). Either is acceptable if used consistently.

Does a proprietor need a balance sheet at all?

If you keep books, yes: for an income tax return that asks for balance sheet figures, a tax audit, or a bank loan. A proprietor on presumptive income reports only a few figures (debtors, creditors, stock, cash) in the return, but a bank will still ask for a full statement.

The ICAI format for proprietorships, firms and LLPs (from 2025-26)

In August 2023 the Accounting Standards Board of ICAI issued two Guidance Notes: one on the Financial Statements of Non-Corporate Entities and one on the Financial Statements of Limited Liability Partnerships. Non-corporate entities include sole proprietorships, partnership firms, HUFs, trusts, societies and associations of persons. The formats are vertical and closely follow Schedule III. "Owners' funds" (the owners' capital account, and reserves and surplus) replaces shareholders' funds, and a note shows each owner's capital account. They also require previous-year figures and rounding by Total Income.

These are ICAI pronouncements, not a statute: they bind chartered accountants who prepare, audit or certify such statements, which covers most firms with a tax audit, a bank loan or a CA doing the accounts. As we read the announcements, Mehta Traders (turnover ₹28,60,000) may keep the horizontal format for 2025-26 and should expect the vertical one from 2026-27. In the generator, "Proprietorship" and "Partnership firm" give the traditional layout; for the ICAI layout, use "Company (Schedule III)" and retitle shareholders' funds as owners' funds.

The owner's capital account note

For each owner or partner, ICAI's format shows: share of profit (%), opening balance, capital introduced, remuneration, interest, withdrawals, share of profit or loss, and closing balance. For Mehta Traders: share 100%, opening ₹8,00,000, capital introduced nil, withdrawals ₹1,80,000, share of profit ₹3,86,000, closing ₹10,06,000.

Balance sheet format for a partnership firm

A firm's balance sheet looks like a proprietor's, with one capital account per partner. In the generator, choose "Partnership firm" and add one capital ledger per partner under "Share capital / capital account". The preview heads that line "Partners' capital accounts".

• Fixed capital method. Each partner's capital account stays at the agreed contribution. Profit share, interest on capital, salary and drawings go to a separate current account, which can be a debit (shown as an asset) or a credit.
• Fluctuating capital method. Everything goes to one capital account per partner, as for a proprietor.
• Interest and remuneration. Under section 13 of the Indian Partnership Act, 1932, partners get no interest on capital unless the deed provides for it, and 6% a year on advances beyond agreed capital unless agreed otherwise. Salary and interest allowed by the deed are credited to each partner before the remaining profit is shared.
• Loans from partners are loans, not capital. The partners' note uses the ICAI columns above, one row per partner.

Balance sheet format for an LLP

An LLP prepares a Statement of Account and Solvency every year under rule 24 of the LLP Rules, 2009, and files it with the Registrar in Form 8 by 30 October. Part B of Form 8 is the statement of accounts, a vertical balance sheet with partners' funds (contribution, and reserves and surplus), secured and unsecured loans, current liabilities and provisions, then the assets. The ICAI Guidance Note on LLP financial statements follows the same phased timetable as the one for non-corporate entities.

As we read rule 24(8), LLP accounts must be audited unless turnover does not exceed ₹40 lakh or contribution does not exceed ₹25 lakh in the year; check the current rule before relying on the exemption. In the generator, choose "LLP" and the capital line becomes "Partners' contribution".

How to make a balance sheet from a trial balance

1. Close the books and pass adjustmentsPost everything up to 31 March, reconcile bank and cash, then pass the year-end entries: depreciation, closing stock, outstanding and prepaid expenses, provisions and deferred tax.
2. Take the adjusted trial balanceDebits must equal credits. If not, locate the difference first.
3. Prepare the profit and loss accountIncome and expense ledgers close to it; the profit moves to reserves and surplus (company) or the capital account (proprietor, partners).
4. Map the remaining ledgersEach asset, liability and capital ledger goes under one line. Split loans into the part due within 12 months and the rest.
5. Total, check, add comparatives and notesEquity and liabilities must equal assets to the rupee. Then add last year's figures, note numbers and disclosures, and sign: the board under section 134 for a company, the owners otherwise.

The Mehta Traders example on the trial balance format page runs these steps end to end, from a ₹43,50,000 trial balance to the ₹16,81,000 balance sheet above.

Balance sheet format in Excel

Excel works for a one-off statement if you build it around a mapping column rather than typing totals by hand:

1. Sheet 1, "TB": one row per ledger with columns Ledger, Line (the Schedule III line), This year, Previous year. Paste the closing balances from your accounting software.
2. Sheet 2, "BS": the Schedule III lines in order. Each amount is a SUMIFS on the TB sheet, for example =SUMIFS(TB!C:C,TB!B:B,"Trade receivables").
3. Sub-totals and totals with SUM, and a check cell: =ROUND(total equity and liabilities − total assets,0), which must be 0.
4. Indian digit grouping: Excel's default number format groups in thousands. For lakh grouping use the custom format [>=10000000]##\,##\,##\,##0;[>=100000]##\,##\,##0;##,##0 or set Windows to English (India).

The generator does this without formulas: "Download CSV" opens in Excel and "Download PDF" gives a print-ready A4.

Balance sheet in Tally

• Open it: in TallyPrime, Gateway of Tally > Balance Sheet, or Alt+G (Go To) and type "Balance Sheet". The trial balance is under Gateway of Tally > Display More Reports > Trial Balance.
• Vertical or horizontal: Tally shows the horizontal format by default; Ctrl+H (Change View) switches to vertical.
• Detail and comparatives: Alt+F5 shows the ledgers in each group; Alt+N (Auto Column) adds the previous year; F12 configures the report.
• Schedule III: Tally's own balance sheet uses Tally groups, not Schedule III lines. From TallyPrime Release 7.1, with a valid TSS, the free Financial Statements add-on exports to an Excel template: open the Balance Sheet, press Alt+E (Export) > Financial Statements > Schedule III for Division I, then review the ledger mapping in Excel.

LuckPanda does not import from or export to Tally. To use the generator with Tally figures, open the trial balance ledger-wise (F5) and enter each closing balance under "Ledger balances".

GST in the balance sheet

• Input tax credit not yet used (the balance in your electronic credit ledger, plus eligible ITC on bills not yet in a return) is a current asset. Show it under other current assets, or under short-term loans and advances as "balances with government authorities". In the example it is part of Sahyadri's ₹5,30,000 and Mehta Traders' ₹18,000.
• GST payable (output tax not yet paid) is a statutory due under other current liabilities: Sahyadri's ₹4,10,000 and Mehta Traders' ₹30,000.
• Set-off happens in the return. The March GSTR-3B is filed in April, so at 31 March both balances usually exist and are shown separately.
• Ineligible ITC (blocked under section 17(5) of the CGST Act, or for exempt supplies) is not an asset: it is added to the cost of the purchase or expense. The input tax credit guide explains what you can claim.
• GST is not income. Sales and purchases in the profit and loss account are net of GST when the credit is available. To split a GST-inclusive figure, use the GST calculator.

Balance sheet vs profit and loss account vs trial balance vs cash flow

They connect: the profit in the P&L becomes part of reserves (or capital) on the balance sheet; the change in the balance sheet's cash line equals the net cash flow; and both statements come from the trial balance.

What auditors and banks look for

• Comparatives that agree with last year's signed balance sheet, and cash and bank that agree with statements and confirmations.
• Debtors and creditors: ageing, confirmations and old balances to provide for. Banks usually leave debtors older than about 90 days out of drawing power.
• MSE dues: under the MSMED Act, 2006, buyers must pay micro and small suppliers within the agreed period and no later than 45 days, and must disclose unpaid amounts and interest in the accounts. Income-tax law also defers the deduction for MSE dues not paid in time until they are paid.
• Stock: the value in the balance sheet against the stock statements submitted to the bank. Schedule III now asks companies to report whether quarterly returns to banks agree with the books.
• Ratios: lenders usually look for a current ratio above about 1.33 for working capital loans, and total outside liabilities to net worth within limits set by their own credit policy.

Common mistakes

• Using a pre-2021 template: current maturities under other current liabilities, security deposits under loans and advances.
• No previous-year column, or comparatives that do not match last year's signed figures.
• Netting different parties' balances, such as debtors net of customer advances (which are other current liabilities).
• Putting the whole term loan under long-term borrowings when instalments fall due within 12 months.
• Forgetting closing stock, or adding it twice when purchases have already been adjusted for it.
• Mixing units: some lines in rupees, others in lakhs, or a lakh column without saying "₹ in lakh".
• Debit balances left on the liabilities side (a supplier you overpaid is an advance, an asset) or credit balances on the assets side (an overdrawn bank account is a borrowing).

Key terms

Schedule III

The schedule to the Companies Act, 2013 that sets the form of a company's balance sheet and statement of profit and loss; Division I for Accounting Standards, II for Ind AS, III for Ind AS NBFCs.

Shareholders' funds

Share capital plus reserves and surplus (and money received against share warrants); the company's net worth. Called owners' funds for non-corporate entities.

Reserves and surplus

Profits kept in the business: general reserve, securities premium and other reserves, and the surplus (balance) in the statement of profit and loss.

Current maturities of long-term borrowings

Instalments of a long-term loan due within 12 months of the balance sheet date, shown separately under short-term borrowings.

Capital work-in-progress

Cost of property, plant or equipment under construction or installation and not yet ready for use.

Trade payables

Amounts owed for goods bought or services received in the normal course of business, split into micro and small enterprises and others.

Operating cycle

The time between acquiring assets for processing and realising them in cash; taken as 12 months where it cannot be identified.

Total Income (for rounding)

Revenue from operations plus other income; the basis Schedule III uses to decide the rounding unit.

Questions people ask