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Question

Under which major head and sub-head of the Assets part of the Balance Sheet will the following be shown:

(i) Intangible Assets; (ii) Intangible Assets under Development; (iii) Investments (more than 12 months); (iv) Deferred Tax Assets (Net); (v) Stores and Spares; and (vi) Loose Tools?

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Solution

Items Main head Sub-head
Intangible Assets Non-Current Assets Fixed Assets
Intangible Assets under development Non-Current Assets Fixed Assets
Investments (more than 12 months) Non-Current Assets Non-Current Investments
Deferred Tax Assets (Net) Non-Current Assets Deferred Tax Assets (Net)
Stores and Spares Current Assets Inventories
Loose Tools Current Assets Inventories

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