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Name Any Two Items that Are Shown Under the Head’ Other Current Liabilities’ and Any Two Items that Are Shown Under the Head ‘Other Current Assets’ in the Balance Sheet of a Company as per Schedule Iii of the Companies Act, 2013. - Accountancy

Name any two items that are shown under the head’ Other Current Liabilities’ and any two items that are shown under the head ‘Other Current Assets’ in the Balance Sheet of a company as per schedule III of the Companies Act, 2013.

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Solution

Other Current Liabilities:-

  1. Income received in advance
  2. Unpaid Dividends

Other Current Assets:-

  1. Prepaid expenses
  2. Taxes paid in advance
Concept: Accounting for Revaluation of Assets and Reassessment of Liabilities
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