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. Design
3. Capital work in progress

Answer 1

Item	Major Head	Sub-head
Loose tools	Current Assets	Inventories
Design	Non-Current Assets	Intangible Assets
Capital work in progress	Non-Current Assets	Property, Plant and Equipment and Intangible Assets - Capital work-in-progress