The balance sheet prepared by the junior accountant showed the following items against the Major heads and Sub heads mentioned which were not as per schedule 3 of Companies Act, 2013.
Items
1- Loose tools
2- Cheques in Hand
3- Term loan from Bank
4- Computer Software
Major Head/ Sub Head
1- Trade Receivables
2- Current Investment
3- Other Long term Liabilities
4- Tangible Fixed Assets
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As per companies act 2013 , schedule 3
1) loose tools - major head current asset , sub head inventory
2) cheque in hand - major head current asset , sub head cash and cash equivalents
3)term loan from bank - major head non current liabilities
4)computer software -sub head intangible fixed asset
1) loose tools - major head current asset , sub head inventory
2) cheque in hand - major head current asset , sub head cash and cash equivalents
3)term loan from bank - major head non current liabilities
4)computer software -sub head intangible fixed asset
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