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Under Which Major Headings and Sub-headings Will the Following Items Be Shown in the Balance Sheet of a Company as per Schedule Vi Part I of the Companies Act, 1956 : (I) a Balance of the Statement of Profit and Loss. (Ii) a Loan Of Rs 1,00,000 Payable After Three Years. (Iii) Short-term Deposits Payable on Demand. (Iv) Loose Tools (V) Trademark (Vi) Land (Vii) Cash at the Bank (Viii) Trade Payables - CBSE (Arts) Class 12 - Accountancy

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Question

Under which major headings and sub-headings will the following items be shown in the Balance Sheet of a company  as per Schedule VI Part I of the Companies Act, 1956 :
(i) A balance of the Statement of Profit and Loss.
(ii) A loan of  Rs 1,00,000 payable after three years.
(iii) Short-term deposits payable on demand.
(iv) Loose tools
(v) Trademark
(vi) Land
(vii) Cash at the bank
(viii) Trade payables

Solution

  Items Head Sub Head
1 A balance of the Statement of
Profit and Loss
Shareholders' Funds 'Reserves and Surplus'
2 Loan of Rs 1,00,000 payable
after three years
Non-Current Liabilities Long-Term Borrowings
3 Short-term deposits payable on
demand
Current Assets Short Term Loans and
Advances
4 Loose tools Current Assets Inventories
5 Trademark Non - Current Assets Fixed Assets (Intangible)
6 Land Non - Current Assets Fixed Assets (Tangible)
7 Cash at bank Current Assets Cash and Cash Equivalents
8 Trade payables Current Liabilities Trade Payables

 

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Solution Under Which Major Headings and Sub-headings Will the Following Items Be Shown in the Balance Sheet of a Company as per Schedule Vi Part I of the Companies Act, 1956 : (I) a Balance of the Statement of Profit and Loss. (Ii) a Loan Of Rs 1,00,000 Payable After Three Years. (Iii) Short-term Deposits Payable on Demand. (Iv) Loose Tools (V) Trademark (Vi) Land (Vii) Cash at the Bank (Viii) Trade Payables Concept: Meaning and Definitions of Partnership and Partnership Deed.
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