Question

Under which heads and sub-heads following items will appear in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 :

(i) Debentures. (ii) Loose tools.

(iii) Calls-in-Advance. (iv) Stores and spares.

(v) Proposed dividend. (vi) Computer software.

Answer 1

$\begin{array}{ccc}\text{Items}& \text{Major Head}& \text{Sub-head}\\ \text{1. Debentures}& \text{Non-current liability}& \text{Long-term borrowing}\\ \text{2. Loose Tools}& \text{Current assets}& \text{Inventories}\\ \text{3. Calls-in-Advance}& \text{Current liability}& \text{Other current liability}\\ \text{4. Stores and Spares}& \text{Current assets}& \text{Inventories}\\ \text{5. Proposed Divident}& -& \text{Disclosed as contingent liability}\\ \text{6. Computer Software}& \text{Non-current assets}& \text{Fixed assets-Intangible assets}\end{array}$