This Excel template is a comprehensive and professionally designed tool created to simplify the preparation of financial statements for partnership firms (other than LLPs). It is fully formula-driven and aligns with the latest ICAI guidelines for the financial year 2024-25, ensuring compliance and precision in financial reporting. Designed for accountants, tax professionals, and partnership firms, this Excel file streamlines the preparation of Balance Sheets, Profit & Loss Accounts, and Notes to Accounts, offering a structured and audit-ready solution.
Features and Contents
The Excel file includes all key components required to present the financial statements of a partnership firm in an organized and professional manner.
Balance Sheet Structure
The Balance Sheet in this format is divided into two main sections – Equity and Liabilities and Assets, presented in a clear and systematic way:
A. Equity and Liabilities
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Partners’ Funds
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(a) Partners’ Fund Accounts
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(i) Partners’ Capital Account
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(ii) Partners’ Current Account
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(b) Reserves and Surplus
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Non-Current Liabilities
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(a) Long-Term Borrowings
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(b) Deferred Tax Liabilities (Net)
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(c) Other Long-Term Liabilities
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(d) Long-Term Provisions
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Current Liabilities
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(a) Short-Term Borrowings
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(b) Trade Payables
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(c) Other Current Liabilities
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(d) Short-Term Provisions
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TOTAL Equity and Liabilities
B. Assets
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Non-Current Assets
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(a) Property, Plant and Equipment & Intangible Assets
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(i) Property, Plant and Equipment
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(ii) Intangible Assets
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(iii) Capital Work in Progress
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(iv) Intangible Asset Under Development
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(b) Non-Current Investments
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(c) Deferred Tax Assets
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(d) Long-Term Loans and Advances
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(e) Other Non-Current Assets
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Current Assets
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(a) Current Investments
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(b) Inventories
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(c) Trade Receivables
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(d) Cash and Cash Equivalents
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(e) Short-Term Loans and Advances
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(f) Other Current Assets
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TOTAL Assets
Each schedule in the Balance Sheet is pre-linked and formula-driven to ensure automatic population of values and accurate totals, reducing manual errors and saving time.
Profit & Loss Account Structure
The Profit & Loss Account in this Excel template covers all essential schedules and is designed to provide a clear picture of the firm’s financial performance:
I. Revenue
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Revenue from Operations
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Other Income
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Total Income (I+II)
II. Expenses
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(a) Cost of Materials Consumed
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(b) Purchase of Stock in Trade
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(c) Changes in Inventories of Finished Goods, Work-In-Progress & Stock-in-Trade
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(d) Employee Benefits Expenses
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(e) Finance Costs
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(f) Depreciation and Amortisation Expenses
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(g) Other Expenses
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Total Expenses
III. Profit Calculations
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Profit Before Exceptional and Extraordinary Items and Tax
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Exceptional Items
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Profit Before Extraordinary Items and Tax
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Extraordinary Items (Refer Note)
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Profit Before Partners’ Remuneration & Tax
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Partners’ Interest on Capital
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Partners’ Remuneration
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Profit Before Tax
IV. Tax and Final Profit
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Tax Expense:
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(A) Current Tax Expense
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(B) Excess/Short Provision of Tax Relating to Earlier Years
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(C) Deferred Tax
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Profit / (Loss) from Continuing Operations
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Profit / (Loss) from Discontinuing Operations
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Tax from Discontinuing Operations
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Profit / (Loss) for the Period
Additional Highlights
- Brief About the Entity – Includes a section to describe the nature of the business and its operations.
- Summary of Significant Accounting Policies – Provides space to record key accounting policies adopted by the firm, ensuring disclosures in line with ICAI guidelines.
- Automation and Efficiency – Built-in formulas ensure real-time updates of totals and ratios across financial statements.
- Audit-Ready Presentation – Professional formatting ensures the output is suitable for internal and external review, including statutory audits.
This Excel template is ideal for accountants, tax consultants, and partnership firms who require a reliable and efficient tool to prepare financial statements while adhering to the statutory requirements. Whether you are preparing statements for internal use, partners, or regulatory filings, this Excel file simplifies the process and enhances accuracy.
Author Bio
Dear Sir,
In the Zip format.
Excel Format of Financial Statements for Partnership Firm (Non-LLP) is in Proprietorship Firm and
Excel Format of Financial Statements for Proprietorship is in Partnership Firm
It dose not matter, as we can download both and rename it.
Thanks.