Question

Write the main head and subhead of following items : (i) Creditors
 (ii) Patent
 (iii) Stock 

Hint:

Remember the classification:

• {Creditors} $\rightarrow$ Current Liabilities $\rightarrow$ Trade Payables
• {Patent} $\rightarrow$ Non-Current Assets $\rightarrow$ Fixed Assets (Intangible Assets)
• {Stock} $\rightarrow$ Current Assets $\rightarrow$ Inventories

As per Schedule III, 'Stock' is now termed as 'Inventories' and 'Creditors' as 'Trade Payables'.

Answer 1

According to Schedule III of the Companies Act, 2013, the balance sheet items are classified under main heads and subheads as follows: (i) Creditors ........ (m)

Item	Main Head	Subhead
Creditors	Current Liabilities	Trade Payables

(ii) Patent ........

Item	Main Head	Subhead
Patent	Non-Current Assets	Fixed Assets (Intangible Assets)

(iii) Stock ........ (d)

Item	Main Head	Subhead
Stock	Current Assets	Inventories