Question

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:

1. Loose Tools
2. Provision for Tax
3. Copyrights
4. Capital Work-in-Progress
5. Stores and Spares
6. Public Deposits

Answer 1

S. No.	Item	Major Head	Sub-head
(a)	Loose Tools	Current Assets	Inventories
(b)	Provision for Tax	Current Liabilities	Short-term Provisions
(c)	Copyrights	Non-current Assets	Property, Plant and Equipment and Intangible Assets – Intangible Assets,
(d)	Capital Work-in-Progress	Non-current Assets	Property, Plant and Equipment and Intangible Assets – Capital Work-in-Progress
(e)	Stores and Spares	Current Assets	Inventories
(f)	Public Deposits	Non-current Liabilities	Long-term Borrowings