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    Question

    The format for the 'Statement of Profit and Loss' is

    prescribed in which schedule of the Companies Act, 2013?
    A Schedule I Correct Answer Incorrect Answer
    B Schedule II Correct Answer Incorrect Answer
    C Schedule III Correct Answer Incorrect Answer
    D Schedule IV Correct Answer Incorrect Answer

    Solution

    Schedule III of the Companies Act, 2013, provides the general instructions and format for the preparation of both the Balance Sheet and the Statement of Profit and Loss (also known as the Income Statement).

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