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. Calls in advancе
2. Licences and Franchise
3. Prepaid Insurance

Answer 1

Items	Major Head	Sub-Head
(i) Calls in advancе	Current Liabilities	Other Current Liabilities
(ii) Licences and Franchise	Non-current Assets	Fixed Assets – Intangible Assets
(iii) Prepaid Insurance	Current Assets	Other Current Assets