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. Computer software
2. Outstanding salary
3. Work in progress

Answer 1

Item	Major Head	Sub-Head
(i) Computer software	Non-current Assets	Property, Plant and Equipment and Intangible Assets − Intangible Assets.
(ii) Outstanding Salary	Current Liabilities	Other Current Liabilities
(iii) Work in progress	Current Assets	Inventories