Tisa Industries Private Limited has prepared its financial statements for year 2023-24. The financial statements and notes to accounts show…

(a) The above disclosure is not in accordance with requirements of Division I of Schedule III of Companies Act, 2013. The discrepancies are as under: The Company has wrongly disclosed information for trade receivables in a manner which is applicable for trade payables.No distinction between MSME and other trade receivables is required.Trade receivables are to be categorised into undisputed and disputed trade receivables as under:Undisputed trade receivables considered goodUndisputed trade receivables considered doubtfulDisputed trade receivables considered goodDisputed trade receivables considered doubtfulAging is to be reflected for each of above categories in respect of outstandings for the following periods from due date of paymentfor less than 6 months6 months-1 year1-2 years2-3 yearsmore than 3 yearsFollowing information is also required to be disclosed: - Trade receivables shall be sub-classified as: (a) Secured, considered good (b) Unsecured, considered good (c) Doubtful.Allowance for bad and doubtful debts shall be disclosed under the relevant heads separately.Debts due bydirectors or other officers of the company or any of them either severally or jointly with any other person orfirms or private companies respectively in which any director is a partner or a director or a member should be separately stated.