Question

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

Answer 1

	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