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Under Which Major Headings the Following Items Will Be Presented in the Balance Sheet of a Company as per Schedule Vi Part I of the Companies Act, 1956? - Accountancy

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Under which major headings the following items will be presented in the Balance sheet of a company as per Schedule VI Part I of the Companies Act, 1956?

(1) Loans provided repayable on demand
(2) Goodwill
(3) Copyrights
(4) Loose tools
(5) Cheques
(6) General Reserve
(7) A stock of finished goods and
(8) 9% Debentures repayable after three years

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Solution

  Items Major Head Sub Head
1 Loans Provided repayable on demand Current Assets Short-Term Loans and Advances
2 Goodwill Non-Current Assets Fixed Assets – Intangible Assets
3 Copyrights Non-Current Assets Fixed Assets – Intangible Assets
4 Loose Tools Current Assets Inventories
5 Cheques Current Assets Cash and Cash Equivalents
6 General Reserve Shareholders Fund Reserves and Surplus
7 A stock of Finished Goods Current Assets Inventories
8 9% Debentures repayable after three
years
Non-Current Liabilities Long-Term Borrowings

 

Concept: Preparation of Revaluation Account and Balance Sheet
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