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Question
Mention the heading and sub-heading under which Vehicles are shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013.
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Solution
Heading and subheading under which vehicles are shown in balance sheet:
- Heading: Non-current Assets
- Subheading: Fixed Assets - Tangible Assets
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RELATED QUESTIONS
List any four items that are shown under the sub-heading 'Cash and Cash Equivalents' as per Schedule III of the Companies Act, 2013.
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| Balance Sheet of Sameer, Yasmin and Saloni as at 31.3.2016 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 1,10,000 | Cash | 80,000 | ||
| General Reserve | 60,000 | Debtors | 90,000 | 80,000 | |
| Capitals: | 7,00,000 | Less: Provision | 10,000 | ||
| Sameer | 3,00,000 | Stock | 1,00,000 | ||
| Yasmin | 2,50,000 | Machinery | 3,00,000 | ||
| Saloni | 1,50,000 | Building | 2,00,000 | ||
| Patents | 60,000 | ||||
| Profit and Loss Account | 50,000 | ||||
| 8,70,000 | 8,70,000 | ||||
On the above date, Sameer retired and it was agreed that:
- Debtors of 4,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
- An unrecorded creditor of 20,000 will be recorded.
- Patents will be completely written off and 5% depreciation will be charged on stock, machinery and building.
- Yasmin and Saloni will share future profits in the ratio of 3 : 2.
- Goodwill of the firm on Sameer’s retirement was valued at ₹ 5,40,000.
Pass necessary journal entries for the above transactions in the books of the firm on Sameer’s retirement.
Under which heads the following items will be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956?
(1) Cash in hand
(2) Mining Rights
(3) Short-term deposits
(4) Debenture Redemption Reserve
(5) Income received in advance
(6) The balance of the Statement of Profit and Loss
(7) Office Equipment and
(8) Work-in-progress.
Name an item which is never shown on the ‘Payments’ side of ‘Receipts and Payments Account’, but is shown as an Expenses while preparing ‘Income and Expenditure Account’
Classify the following items under Major heads and Sub-head (if any) in the Balance Sheet of a Company as per schedule III of the Companies Act 2013.
- Current maturities of long-term debts
- Furniture and Fixtures
- Provision for Warranties
- Income received in advance
- Capital Advances
- Advances recoverable in cash within the operation cycle
Name the major heads and sub-heads under which the following items will be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 :
- Goodwill
- Debenture Redemption Reserve
- Licenses and Franchise
Under which heads and sub-heads the following items will appear in the Balance Sheet of Company as per Schedule III, Part-I of the Companies Act, 2013:
- Loose tools
- Calls-in-Advance
- Capital Reserve
Classify the following items under Major heads and Sub heads (If any) in the balance sheet of a Company as per schedule III of the Companies Act 2013.
- Loose Tools
- Loan repayable on demand
- Provision for Retirement benefits
- Pre-paid Insurance
- Capital advances
- Shares in Listed Companies
