Question

Under which major headings and sub-headings (if any) will the following items be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 ?

• A. Livestock
• B. Loose Tools
• C. Design

Hint:

Refer to Schedule III for standardised classifications for better transparency and compliance in reporting.

Answer 1

The Correct Option is A

According to Schedule III of Companies Act 2013: \begin{itemize} \item Livestock is treated like fixed assets and comes under Property, Plant and Equipment. \item Loose Tools are consumable items and considered part of Inventory. \item Design (used in manufacturing etc.) is classified under Intangible Assets. \end{itemize}