Under which main heading and sub heading will you classify the following items while preparing the balance sheet as per revised schedule VI (i)Security premium -----Rs. 1,00,000.(ii)Stock of work-in-progress. -----Rs. 50,000.
(iii)Provision for tax ---------Rs.80,000. Show the above items in the balance sheet schedule VI
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Answer:
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Explanation:
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Security premium under shareholders fund
Sub heading : surplus
Stocks wip under current assets
Sun heading : inventory
Provision for tax under current liability
Sub heading : short term provision
Sub heading : surplus
Stocks wip under current assets
Sun heading : inventory
Provision for tax under current liability
Sub heading : short term provision
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