Which of the following statements is incorrect regarding balance sheet of a bank?
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For public sector, it is prepared as per 3rd Schedule of BR Act.
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For banking companies (private banks), it is prepared as per part I of Schedule VI of Companies Act.
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It is prepared on the last day of the financial year.
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The provisions for preparation of balance sheet are contained in Section 29 of BR Act.
For banking companies (private banks), it is prepared as per part I of Schedule VI of Companies Act. At the expiration of each calendar year or at the expiration of a period of twelve months ending with such date as the Central Government may, by notification in the Official Gazette, specify in this behalf, every banking company incorporated in India, in respect of all business transacted by it and every banking company incorporated outside India, in respect of all business transacted through its branches in India, shall prepare with reference to that year or period, as the case may be, a balance-sheet and profit and loss account as on the last working day of that year or the period, as the case may be in the form set out in the Third Schedule or as near thereto as circumstances admit.