Financial Statements of a Company & Components (Schedule III) | Concept No. 20 | Class 12 Acc

In this video, we explain Concept No. 20 – Financial Statements of a Company and the components prescribed under Schedule III of the Companies Act, 2013 for Class 12 Accountancy. Students will understand what financial statements are, why companies prepare them, and how Schedule III formats the Balance Sheet and Statement of Profit and Loss. This topic is extremely important for CBSE Board exams and is frequently asked in 1-mark, 3-mark, and theory-based questions. What is covered: Meaning of Financial Statements of a Company Objectives of Financial Statements Components of Financial Statements as per Schedule III: Balance Sheet Statement of Profit and Loss Notes to Accounts Structure of Company Balance Sheet Classification of Assets and Liabilities Current vs Non-Current Format of Statement of Profit and Loss Importance of Notes to Accounts Board-oriented theory explanation This video is ideal for Class 12 CBSE students preparing for the 2026 Board Examination. Channel: Success Mantra for Class 11 and 12 Educator: CA Manish Kalra