Question

Classify the following items in the balance sheet of a company under Major heads and Sub-heads.

S. No.	Items	Major Head	Sub-head (if any
1.	Goodwill
2.	Forfeited shares
3.	Acceptances
4.	Preliminary expenses
5.	Capital reserve
6.	Loans from banks
7.	Investment in shares and debentures
8.	Interest accrued and due on debentures
9.	Interest accrued but not due on Secured Loans
10.	Interest accrued but not due on Unsecured Loans
11.	Interest accrued on Investments
12.	Surplus
13.	Securities Premium Reserve
14.	Loose Tools
15.	Provision for Taxation
16.	Underwriting Commission
17.	Bills of Exchange
18.	Unclaimed dividend
19.	Short-term loans & advances
20.	Live stock
21.	Calls unpaid/calls in arrears
22.	Uncalled liability on shares partly paid
23.	Pre-paid Insurance
24.	Stores and spare parts
25.	Advances from customers
26.	Debentures redemption reserve
27.	Premium on redemption of debentures
28.	Loss on the issue of debentures
29.	Debentures redemption fund
30.	Debentures redemption fund investment
31.	Vehicles
32.	Advances to suppliers
33.	Patents, trademarks, and designs
34.	Calls in advance
35.	Deposits with custom authorities
36.	Arrears of fixed cumulative dividend
37.	Furniture and fittings
38.	Brokerage on issues of shares
39.	Statement of profit & loss (Dr.)
40.	Capital work-in-progress
41.	Provision for doubtful debts
42.	Statement of profit & loss (Cr.)
43.	Uncalled liability on partly paid shares held as investments
44.	Claims against the company are not acknowledged as debt
45.	Capital redemption reserve
46.	Public deposits
47.	Authorised Capital

Answer 1

S. No.	Items	Major Head	Sub-head (if any
1.	Goodwill	Non-Current Assets	Property, Plant & Equipment and Intangible Assets
2.	Forfeited shares	Equity and Liabilities	Shareholders’ Funds
3.	Acceptances	Equity and Liabilities	Current Liabilities
4.	Preliminary expenses	Written off in the year of incurrence from Securities Premium/P&L (Not shown in B/S)
5.	Capital reserve	Equity and Liabilities	Shareholders’ Funds
6.	Loans from banks	Equity and Liabilities	Non-Current Liabilities
7.	Investment in shares and debentures	Non-Current Assets	Non-Current Investments
8.	Interest accrued and due on debentures	Equity and Liabilities	Current Liabilities
9.	Interest accrued but not due on Secured Loans	Equity and Liabilities	Current Liabilities
10.	Interest accrued but not due on Unsecured Loans	Equity and Liabilities	Current Liabilities
11.	Interest accrued on Investments	Current Assets	Other Current Assets
12.	Surplus	Equity and Liabilities	Shareholders’ Funds
13.	Securities Premium Reserve	Equity and Liabilities	Shareholders’ Funds
14.	Loose Tools	Current Assets	Inventories
15.	Provision for Taxation	Equity and Liabilities	Current Liabilities
16.	Underwriting Commission	Written off in the year of incurrence from Securities Premium/P&L (Not shown in B/S)
17.	Bills of Exchange	Current Assets	Trade Receivables
18.	Unclaimed dividend	Equity and Liabilities	Current Liabilities
19.	Short-term loans & advances	Current Assets	Short-term Loans and Advances
20.	Live stock	Non-Current Assets	Property, Plant & Equipment and Intangible Assets
21.	Calls unpaid/calls in arrears	Equity and Liabilities	Shareholders’ Funds
22.	Uncalled liability on shares partly paid	Off Balance Sheet Item	Disclosed under Notes to Accounts as a Contingent Liability
23.	Pre-paid Insurance	Current Assets	Other Current Assets
24.	Stores and spare parts	Current Assets	Inventories
25.	Advances from customers	Equity and Liabilities	Current Liabilities
26.	Debentures redemption reserve	Equity and Liabilities	Shareholders’ Funds
27.	Premium on redemption of debentures	Equity and Liabilities	Non-Current Liabilities
28.	Loss on the issue of debentures	Split between Other Current Assets (portion to write off in 12M) and Other Non-Current Assets
29.	Debentures redemption fund	Equity and Liabilities	Shareholders’ Funds
30.	Debentures redemption fund investment	Non-Current Assets	Non-Current Investments
31.	Vehicles	Non-Current Assets	Property, Plant & Equipment and Intangible Assets
32.	Advances to suppliers	Current Assets	Short-term Loans and Advances
33.	Patents, trademarks, and designs	Non-Current Assets	Property, Plant & Equipment and Intangible Assets
34.	Calls in advance	Equity and Liabilities	Current Liabilities
35.	Deposits with custom authorities	Non-Current Assets	Long-term Loans and Advances
36.	Arrears of fixed cumulative dividend	Off Balance Sheet Item	Disclosed under Notes to Accounts as a Contingent Liability/Commitment
37.	Furniture and fittings	Non-Current Assets	Property, Plant & Equipment and Intangible Assets
38.	Brokerage on issues of shares	Written off in the year of incurrence from Securities Premium/P&L (Not shown in B/S)
39.	Statement of profit & loss (Dr.)	Equity and Liabilities	Shareholders’ Funds
40.	Capital work-in-progress	Non-Current Assets	Property, Plant & Equipment and Intangible Assets
41.	Provision for doubtful debts	Current Assets	Trade Receivables (Deducted from Sundry Debtors)
42.	Statement of profit & loss (Cr.)	Equity and Liabilities	Shareholders’ Funds
43.	Uncalled liability on partly paid shares held as investments	Off Balance Sheet Item	Disclosed under Notes to Accounts as a Contingent Liability
44.	Claims against the company are not acknowledged as debt	Off Balance Sheet Item	Disclosed under Notes to Accounts as a Contingent Liability
45.	Capital redemption reserve	Equity and Liabilities	Shareholders’ Funds
46.	Public deposits	Equity and Liabilities	Non-Current Liabilities
47.	Authorised Capital	Equity and Liabilities	Shareholders’ Funds