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) Patents
(ii) Capital Reserve
(iii) Prepaid Rent
(i) Patents
(ii) Capital Reserve
(iii) Prepaid Rent
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Solution and Explanation
(i) Patents - Non-current Assets (Intangible Assets)
(ii) Capital Reserve - Shareholders’ Funds (Reserves and Surplus)
(iii) Prepaid Rent - Current Assets (Other Current Assets) Patents, as intangible assets, fall under Non-current Assets.
Capital Reserve is part of Reserves and Surplus under Shareholders’ Funds. Prepaid Rent, being a short-term asset, falls under Current Assets as Other Current Assets.
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