Question

The 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

$\begin{array}{cc}\text{Items}& \text{Major Head/Sub-head}\\ \text{Loose Tools}& \text{Trade Receivables}\\ \text{Cheques in Hand}& \text{Currnt Investments}\end{array}$

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

Answer 1

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