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Question
Under which heads the following items on the Assets part of the Balance Sheet of a company will be shown:
- Sundry Debtors
- Patents and Trademarks
- Shares in Quoted Companies
- Advances recoverable in cash
- Prepaid Insurance and
- Work-in-Progress?
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Solution
| Items | Main head | Sub-head |
| Sundry Debtors | Current Assets | Trade Receivables |
| Patents and Trademarks | Non-Current Assets | Fixed Assets (Intangible Assets) |
| Shares in Quoted Companies | Non-Current Assets | Non-Current Investments |
| Advance Recoverable in Cash | Current Assets | Short-term Loans and Advances |
| Prepaid Insurance | Current Assets | Other Current Assets |
| Work-in-Progress (Machinery) | Non-Current Assets | Fixed Assets (Capital Work-in-progress) |
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