Question

Under which major headings and sub-heading will the following items be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956 :

(1) Loans provided re-payable on demand.
(2) Goodwill
(3) Copyright
(4) General Reserve
(5) Cheques
(6) Loose tools
(7) A stock of finished goods

(8) 9% debentures re-payable after three years

Answer 1

	Items	Head	Sub Head (if any)
1	Loans provided re-payable on demand	Current Assets	Short Term Loans and Advances
2	Goodwill	Non – Current Assets	Fixed Assets – Intangible Assets
3	Copyrights	Non – Current Assets	Fixed Assets – Intangible Assets
4	General Reserve	Shareholder’s Funds	Reserve and Surplus
5	Cheques	Current Assets	Cash and Cash Equivalents
6	Loose Tools	Current Assets	Inventories
7	A stock of finished goods	Current Assets	Inventories
8	9% debentures re-payable after three years	Non-Current Liabilities	Long-term Borrowings