Question

Classify the following items under Major-heads and Sub-heads (if any) in the Balance Sheet of a company as per Schedule IIl of the Companies Act, 2013:

1. Current maturities of Long-term Debts;
2. Building under Construction;
3. Provision for Warranties;
4. Calls-in-Advancе;
5. Capital Advance;
6. Advances recoverable in Cash within the Operating Cycle.

Answer 1

S.No.	Item	Major Head	Sub-head
(i)	Current maturities of Long-term Debts	Current Liabilities	Other Current Liabilities
(ii)	Building under Construction	Non-current Assets	Capital Work-in-Progress
(iii)	Provision for Warranties	Non-current Liabilities (or Current Liabilities depending on tenure)	Long-term Provisions (or Short-term Provisions)
(iv)	Calls-in-Advance	Current Liabilities	Other Current Liabilities
(v)	Capital Advance	Non-current Assets	Other Non-current Assets
(vi)	Advances recoverable in Cash within the Operating Cycle	Current Assets	Short-term Loans and Advances