Question:
Classify the following items under Major Heads and Sub-Heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013:
(i) Accrued Income
(ii) Capital Advances
(iii) Capital work-in-progress
Classify the following items under Major Heads and Sub-Heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013:
(i) Accrued Income
(ii) Capital Advances
(iii) Capital work-in-progress
(i) Accrued Income
(ii) Capital Advances
(iii) Capital work-in-progress
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Refer to Schedule III of the Companies Act, 2013, for proper classification of items in the balance sheet. Differentiate between current and non-current assets based on their nature and time horizon.
Updated On: Jan 28, 2025
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Solution and Explanation
Step 1: Understanding classifications in Schedule III
Accrued income is income that has been earned but not received; it is classified under current assets.
Capital advances are advances paid for acquiring fixed assets and are classified under non-current assets.
Capital work-in-progress refers to the cost of assets under construction and is classified under fixed assets.
Thus, the correct classifications are:
Accrued Income: Current Assets – Other Current Assets.
Capital Advances: Non-Current Assets – Other Non-Current Assets.
Capital work-in-progress: Non-Current Assets – Fixed Assets.
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