Question

Short Answer Question

How will you disclose the following items in the Balance Sheet of a company:

(i) Loose Tools

(ii) Uncalled liability on partly paid-up shares

(iii) Debentures Redemption Reserve

(iv) Mastheads and publishing titles

(v) 10% debentures

(vi) Proposed dividends

(vii) Share forfeited account

(viii) Capital Redemption Reserve

(ix) Mining Rights

(x) Work-in-progress

Answer 1

Disclosure of various items in the Balance Sheet of a company is given below. 

Items		Main Head	Sub-Head
(i)	Loose Tools	Current Assets	Inventories
(ii)	Uncalled liability on partly paid-up shares	Contingent Liability and Capital Commitments	Capital Commitments
(iii)	Debentures Redemption Reserve	Shareholders’ Funds	Reserve and surplus
(iv)	Mastheads and publishing titles	Non-Current Assets	Fixed Assets – Intangible assets
(v)	10% debentures	Non-Current Liabilities	Long-Term Borrowings
(vi)	Proposed dividend	Current Liabilities	Short-Term Provisions
(vii)	Share forfeited account	Shareholders’ Funds	Subscribed Capital (to be added)
(viii)	Capital Redemption Reserve	Shareholders’ Funds	Reserve and surplus
(ix)	Mining Rights	Non-Current Assets	Fixed Assets – Intangible assets
(x)	Work-in-progress	Current Assets	Inventories