Question

\textbf{Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013:

Hint:

Familiarize yourself with the major heads and sub-heads of Schedule III (Balance Sheet \& P\). Key classifications: - Liabilities: Shareholders' Funds, Non-Current Liab., Current Liab. - Assets: Non-Current Assets, Current Assets. - Specific items like Bills Payable fall under Trade Payables (Current Liab.). Loose Tools are typically under Inventories (Current Assets). Copyrights are Intangible Assets (Non-Current Assets).

Answer 1

Classification as per Schedule III, Part I: % Option (A) [(i)] Bills payable: \begin{itemize} % Option (B) Major Head: Current Liabilities % Option (C) Sub-head: Trade Payables (Note: Trade Payables include both Sundry Creditors and Bills Payable) \end{itemize} % Option (D) [(ii)] Loose Tools: \begin{itemize} % Option (E) Major Head: Current Assets % Option (F) Sub-head: Inventories (Note: As per Schedule III guidance, items like stores and spares, and loose tools are included under Inventories, unless they meet the definition of Property, Plant and Equipment, which is unlikely for standard loose tools). \end{itemize} % Option (G) [(iii)] Copyrights: \begin{itemize} % Option (H) Major Head: Non-Current Assets % Option (I) Sub-head: Property, Plant and Equipment and Intangible Assets % Option (J) Sub-sub-head (within the main sub-head): Intangible Assets (Copyrights are specifically listed as examples of Intangible Assets) \end{itemize}