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 |
Is there an error in this question or solution?
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.
