Question

Balance Sheet prepared by the junior accountant showed the following items against the Major Heads and Sub-heads mentioned which were not as per Schedule III of the Companies Act, 2013.

$\begin{array}{cc}\text{Items}& \text{Major Head/Sub-head}\\ \text{Loose Tools}& \text{Trade Receivables}\\ \text{Cheques in Hand}& \text{Current Investments}\\ \text{Term Loan from Bank}& \text{Other Long-term Liabilities}\\ \text{Computer Software}& \text{Tangible Fixed Assets}\end{array}$

You are required to represent the items as per the Companies Act, 2013,

Answer 1

$\begin{array}{ccc}\text{Particulars}& \text{Major Heading}& \text{Sub-heading}\\ \text{Loose Tools}& \text{Current Assets}& \text{Inventories}\\ \text{Cheques in Hand}& \text{Current Assets}& \text{Cash and Cash Equivalents}\\ \text{Term Loan from Bank}& \text{Non-current Liabilities}& \text{Long Term Borrowings}\\ \text{Computer Software}& \text{Non-current Assets}& \text{Fixed Assets - Intangible Assets}\end{array}$