Question

Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:
(i) Stores and Spares
(ii) Calls-in-Advance
(iii) Income received in advance

Hint:

Ensure classification of items as per Schedule III guidelines, distinguishing between Current Assets, Non-Current Assets, and Liabilities.

Answer 1

(i) Stores and Spares: Major Head: Current Assets Sub-Head: Inventories
(ii) Calls-in-Advance: Major Head: Equity and Liabilities Sub-Head: Other Current Liabilities
(iii) Income Received in Advance: Major Head: Equity and Liabilities Sub-Head: Other Current Liabilities