Question

Under which main head and sub-head of Equity and Liabilities are the following items shown in a company's Balance Sheet as per Schedule III?
(i) Debentures, (ii) Public Deposits,
(iii) Securities Premium Reserve, (iv) Capital Reserve,
(v) Forfeited Shares Account, (vi) Interset Accured and due on Debentures,
(vii) Bills Payable, (viii) Advances Received from Customers,
(ix) Sundry Creditors, and (x) Premium on Redemption of Debentures.

Answer 1

Answer:

Debentures

MAIN HEAD ( non current liabilities)

SUB HEAD( long term borrowing)

Public deposits same as debentures

Securities premium reserve

MAIN HEAD( shareholders fund)

SUB HEAD ( reserve and surplus)

Capital reserve

MAIN HEAD( shareholders fund)

SUB HEAD (reserve and surplus)

Forfeited shares account

MAIN HEAD( shareholders fund)

SUB HEAD( subscribed capital)

Interests accured and due on debentures

MAIN HEAD( current liabilities)

SUB HEAD ( other current liabilities)

Bills payable

MAIN HEAD ( current liabilities)

SUB HEAD( trade payable)

Advances received from customer

MAIN HEAD( current liabilities)

SUB HEAD( other current liabilities)

Sundry creditors

MAIN HEAD( current liabilities)

SUB HEAD( trade payable)

Premium on redemption of debentures

MAIN HEAD( non current liabilities)

SUB HEAD( other long term liabilities)