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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. - Accountancy

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.

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Solution

  Items Major Head Sub Head
1 Cash in Hand Current Assets Cash and Cash Equivalents
2 Mining Rights Non-Current Assets Intangible Fixed Assets
3 Short-term deposits Current Assets Short-term Loans and Advances
4 Debenture Redemption
Reserve
Shareholder’s Funds Reserve and Surplus
5 Income Received in Advance Current Liabilities Other Current Liabilities
6 A balance of Statement of Profit
and Loss
Shareholder’s Funds Reserve and Surplus
7 Office Equipment Non-Current Assets Fixed Assets
8 Work-in-Progress Current Assets Inventories
Concept: Statement of Profit and Loss and Balance Sheet in the Prescribed Form with Major Headings and Sub Headings
  Is there an error in this question or solution?
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