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Question
State any two items that are included in the following major heads under which liabilities of a company are shown:
(i) Reserves and Surplus;
(ii) Long-term Borrowings;
(iii) Short-term Borrowings;
(iv) Other Current Liabilities.
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Solution
| Major head | Items |
| Reserves and Surplus | Capital Reserve, Revaluation Reserve |
| Long-term Borrowings | Debentures, Term Loans from Bank and Others |
| Short-term Borrowings | Cash credit from bank, Loans repayable on demand |
| Other Current Liabilities | Income received in advance, Unpaid Dividends |
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