Question

Under which major headings and sub-headings the following items will be shown in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013.

(i) Bill discounted but not matured,

(ii) Calls in advance,

(iii) Security deposits with telephone exchange.

(iv) Patents.

Answer 1

$$\begin{array}{ccc}\text{Particulars}& \text{Major heading}& \text{Sub-heading}\\ \text{Bill discounted but not matured}& \text{Contingent liabilities}& \\ \text{Calls in advance}& \text{Current liabilities}& \text{Other current liabilities}\\ \text{Security deposit with telephone exchange}& \text{Non-current asset}& \text{Long-term loans and advances}\\ \text{Patents}& \text{Non-current asset}& \text{Fixed-Intangible asset}\end{array}$$