Question

Under what headings will you show the following items in the Financial Statements of a Company :

(i) Goodwill

(ii) Unclaimed Dividends

(iii) Provision for Tax

(iv) Securities Premium Reserve

(v) Loose Tools

(vi) Sale of Products

(vii) Interest paid on Overdraft

(viii) Business promotion exp.

Answer 1

$\begin{array}{cccc}\text{S. No}& \text{Items}& \text{Heading}& \text{Sub-heading (if any)}\\ \text{(i)}& \text{Goodwill}& \text{Non-Current Assets}& \text{Fixed Assets - Intangible}\\ & & & \text{Assets}\\ \text{(ii)}& \text{Unclaimed Dividends}& \text{Current Liabilities}& \text{Other Current Liabilities}\\ \text{(iii)}& \text{Provision for Tax}& \text{Current Liabilities}& \text{Short-term Provisions}\\ \text{(iv)}& \text{Securities Premium}& \text{Shareholder's Funds}& \text{Reserves and Surplus}\\ & \text{Reserve}& & \\ \text{(v)}& \text{Loose Tools}& \text{Current Assets}& \text{Inventories}\\ \text{(vi)}& \text{Sale of Products}& \text{Revenue from Operations}& -\\ \text{(vii)}& \text{Interest paid on Overdraft}& \text{Finance Costs}& -\\ \text{(viii)}& \text{Business Promotion exp.}& \text{Other Expenses}& -\end{array}$