FORM AND CONTENT OF FINANCIAL STATEMENTS

FORM AND CONTENT OF FINANCIAL STATEMENTS
Sub-sections (1) and (2) of section 29 of the Act deal with the form and content of financial statements of a banking company and their authentication. These sub- sections are also applicable to nationalised banks, State Bank of India, subsidiaries of the State Bank of India, and Regional Rural Banks.

Every banking company is required to prepare a Balance Sheet and a Profit and Loss Account in the forms set out in the Third Schedule to the Act or as near thereto as the circumstances admit. Form A of the Third Schedule to the Banking Regulation Act, 1949, contains the form of Balance Sheet and Form B contains the form of Profit and Loss Account.