In some cases, the items presented under the “non-current” head of the Balance Sheet do not have a corresponding “current” head especially for Assets.

Cash and bank balance

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Trade receivables

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Trade payables

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Inventories

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Solution

The correct option is C
Trade payables

True.In some cases, the items presented under the “non-current” head of the Balance Sheet do not have a corresponding “current” head especially for Assets.

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Similar questions

Following is the Balance Sheet of Raj Oil Mills Limited as at March 31, 2017. Calculate Current Ratio.

Particulars	(Rs)
I. Equity and Liabilities:
1. Shareholders’ funds
a) Share capital	7,90,000
b) Reserves and surplus	35,000
2. Current Liabilities
a) Trade Payables	72,000
Total	8,97,000
II. Assets
1. Non-current Assets
a) Fixed assets
Tangible assets	7,53,000
2. Current Assets
a) Inventories	55,800
b) Trade Receivables	28,800
c) Cash and cash equivalents	59,400
Total	8,97,000

Under what heads the following items on the Assets side of the Balance Sheet of a Company will be presented :

(i) Sundry Debtors

(ii) Patents and Trade Marks

(iii) Shares in D.C.M. Limited

(iv) Bills Receivable

(v) Advances recoverable in cash within the operating cycle

(vi) Prepaid Insurance

(vii) Work-in-Progress

Name the Sub-headings under which Non-Current Assets shall be classified in a Company's Balance Sheet.

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.

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

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

Q. Under which heads the following items are classified or shown on the Assets part of the Balance Sheet of a copany: (i) Loose Tools; (ii) Bills Receivable; (iii) Sundry Debtors: and (iv) Advances Recoverable in Cash?

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In some cases, the items presented under the “non-current” head of the Balance Sheet do not have a corresponding “current” head especially for Assets.

The correct option is C Trade payables True.In some cases, the items presented under the “non-current” head of the Balance Sheet do not have a corresponding “current” head especially for Assets.

The correct option is C
Trade payables

True.In some cases, the items presented under the “non-current” head of the Balance Sheet do not have a corresponding “current” head especially for Assets.