Question

Under which Major Heads and Sub-Heads (if any) will the following items be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013?

1. Capital Advances
2. Income received in Advance
3. Stores and Spare Parts 

Answer 1

Name of ltem	Major heading	Sub heading
(i) Capital Advance	Non-current Assets	Long term loans and Advances
(ii) Income received in Advance	Current liabilities	Other current Liabilities
(iii) Stores and spares parts	Current Assets	Inventories