Give the Major heads and sub headings under which the
following items will appear in a Company’s Balance Sheet
i) Acceptances (Bills Payable) (ii) Calls in Arrear
(iii) Loan repayable on demand
Answers
ANSWER :
❒ The major heads and sub headings under which the following items will appear in a Company’s Balance Sheet are mentioned below :
- (i) Acceptances (Bills Payable)
✠ Major Heading :- Current Liabilities
✠ Sub Heading :- Financial Liabilities - Trade Payable
(✎ Acceptances of Bills Payble is shown under LIABILITIES in the Company's Balance Sheet under Schedule III of the Companies Act, 2013, under the major head of 'Current Liabilities' and sub heading of 'Trade Payable' under 'Financial Liabilities'.)
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- (ii) Calls in Arrear
✠ Major Heading :- Statement of Change in Equity
(✎ Calls in Arrear is not shown separately in the Company's Balance Sheet under Schedule III of the Companies Act, 2013, rather it is included in the major heading of 'Equity Share Capital' and detail is shown in Notes to Accounts under that head.)
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- (iii) Loan Repayable on Demand
✠ Major Heading :- Current Assets
✠ Sub Heading :- Financial Assets - Short term Loans and Advances
(✎ Loan Repayable on Demand is shown under ASSETS in the Company's Balance Sheet under Schedule III of the Companies Act, 2013, under the major head of 'Current Assets' and sub heading of 'Short term Loans and Advances' under 'Financial Assets'.)