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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