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Question
The Annual Report of ITC Ltd., for the financial year 2021-22, showed Claims against the Company not acknowledged as debts of ₹880.58 crores including Third party claims arising from disputes relating to contracts aggregating ₹29.22 crores.
Mention the heading and the sub-heading under which this item would, have been shown in the Notes to Accounts accompanying the Balance Sheet of ITC Ltd. as at 31st March, 2022.
Very Short Answer
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Solution 1
As the ITC Ltd. has not acknowledged the claim as debts, it will be shown as under notes to Account as:
Heading: Contingent Liabilities
Subheading: Contingent Liabilities
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Solution 2
| Item | Head | Sub-head |
| Claims against the company not acknowledged as debts. | Contingent Liabilities and Commitments. | Contingent Liabilities |
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Notes
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