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Question
Under which heads the following items are classified or shown on the Assets part of the Balance Sheet of a copany: (i) Loose Tools; (ii) Bills Receivable; (iii) Sundry Debtors: and (iv) Advances Recoverable in Cash?
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Solution
| Items | Main head | Sub-head |
| Loose Tools | Current Assets | Inventories |
| Bills Receivable | Current Assets | Trade Receivables |
| Sundry Debtors | Current Assets | Trade Receivables |
| Advance Recoverable in Cash | Current Assets | Short-term Loans and Advances |
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| VK Ltd. Journal |
||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
| 2018 Feb 1 |
___________________ Dr. ___________________ (Purchased own 500, 9% debentures of Rs 100 each at Rs 97 each for immediate cancellation) |
________
|
________
|
|
| Feb 1 |
___________________ Dr. ___________________ ___________________ (Cancelled own debentures) |
________
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________ ________ |
|
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