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Question
Match the items given in Column I with the headings/subheadings (Balance sheet) as defined in Schedule III of Companies Act 2013.
| Column I | Column II | ||
| (I) | Loose Tools | (a) | Intangible fixed assets |
| (II) | Patents | (b) | Other current assets |
| (III) | Prepaid insurance | (c) | Long term Borrowings |
| (IV) | Debentures | (d) | Inventories |
| (V) | Machinery | (e) | Tangible Fixed assets/Property, Plant and Equipment |
Choose the correct option:
Options
(I) - (a), (II) - (b), (III) - (d), (IV) - (c), (V) - (e)
(I) - (d), (II) - (a), (III) - (b), (IV) - (c), (V) - (e)
(I) - (d), (II) - (a), (III) - (b), (IV) - (e), (V) - (c)
(I) - (e), (II) - (d), (III) - (a), (IV) - (b), (V) - (b)
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Solution
(I) - (d), (II) - (a), (III) - (b), (IV) - (c), (V) - (e)
Explanation:
| Column I | Column II | ||
| (I) | Loose Tools | (d) | Inventories |
| (II) | Patents | (a) | Intangible fixed Assets |
| (III) | Prepaid insurance | (b) | Other Current Assets |
| (IV) | Debentures | (c) | Long term Borrowings |
| (V) | Machinery | (e) | Tangible Fixed assets/Property, Plant and Equipment |
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