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. Bills Payable
2. Loose Tools
3. Copy Rights

Answer 1

	Items	Major Head	Sub-Head
(i)	Bills Payable	Current Liabilities	Trade Payables
(ii)	Loose Tools	Current Assets	Inventories
(iii)	Copy Rights	Non-current Assets	Property, Plant and Equipment and Intangible Assets - Intangible Assets