State whether the following statements are true or false.
(a) A company must prepare its profit and loss account in the format as prescribed by the Companies Act.
(b) It is statutory for the company to prepare its balance sheet in the format prescribed in Part I of Scheduled VI of the Companies Act.
(c) A company must prepare its balance sheet as well as profit and loss account in the formats prescribed by the Companies Act.
(d) Schedule VI of the Companies Act has prescribed the format for balance sheet and the requirements for the profit and loss account.
(e) Loose tools is an asset which is included under the head, current assets.
(f) Goodwill appears under the head, fixed assets.
(g) Provision for taxation as shown under the head of current liabilities and provisions.
(h) Proposed dividend is shown under the head reserves and surplus.
(i) A company can pay dividends only out of profits of the current year.
(j) Share premium account represents revenue reserves.