Question

Identify the major heads under which the following items will be shown in the Balance Sheet of a company as per Schedule III of Companies Act, 2013:

(i) Provision for Tax

(ii) Loan payable on demand

(iii) Computer and related equipment

(iv) Goods acquired for trading

Answer 1

Items	Main Head
Provision for Tax	Current Liabilities
Loan payable on demand	Current Liabilities
Computer & related equipment	Non- Current Assets
Goods acquired for trading	Current Assets