Question

Identify the major heads and sub-heads under which the following items will be shown in the Balance Sheet of a company as per Schedule III of Companies Act, 2013:

(i) Provision for Tax.

(ii) Loan payable on demand.

(iii) Computer and related equipment.

(iv) Goods acquired for trading.

Answer 1

$\begin{array}{cccc}\text{S. No}& \text{Items}& \text{Headings}& \text{Sub-headings}\\ \text{(i)}& \text{Provision for Tax.}& \text{Current liabilities}& \text{Short-term Provisions}\\ \text{(ii)}& \text{Loan payable on}& \text{Current Liabilities}& \text{Short-term Borrowings}\\ & \text{demand}& & \\ \text{(iii)}& \text{Computer and}& \text{Non-Current Assets}& \text{Fixed-Assets - tangible}\\ & \text{related equipment}& & \text{assets}\\ \text{(iv)}& \text{Goods acquired for}& \text{Current Assets}& \text{Inventories}\\ & \text{trading}& & \end{array}$