Question

Under which sub-heads will the following items be placed in the Balance Sheet of a company as per revised Schedule VI, Part I of the Companies Act, 1956 (Schedule III, Part I of the Companies Act, 2013)?
(i) Capital Reserve (ii) Bonds
(iii) Loans repayble on Demand (iv) Vehicles
(v) Goodwill (vi) Loose Tools

Answer 1

Answer:

Placement of items under Companies Act, 1956

Explanation:

Particulars                                                                   Sub-Heads

i. Capital Reserve                                             Reserves and Surplus

ii. Bonds                                                            Long-Term Borrowings

iii. Loans Payable on Demands                      Short-Term Borrowings            

iv. Vehicles                                                       Fixed Assets - Tangible Assets

v. Goodwill                                                       Fixed Assets -  Intangible Assets  

vi. Loose Tools                                                 Inventories