Question

State under which major headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013:

(i) Long-term borrowings

(ii) Trade Payables

(iii) Provision for tax

(iv) Securities Premium Reserve

(v) Patents

(vi) Accrued Incomes

Answer 1

| S.No. | Items | Major Headings | Sub-headings |
| (i) | Long-term borrowings | Non-current Liabilities | - |
| (ii) | Trade Payables | Current Liabilities | - |
| (iii) | Provision for Tax | Current Liabilities | Short term Provisions |
| (iv) | Securities Premium Reserve | Shareholders’ Funds | Reserves and Surplus |
| (v) | Patents | Non-current Assets | Intangible Assets |
| (vi) | Accrued Incomes | Current Assets | Other Current Assets |