Question

Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:

1. Stores and Spares
2. Calls-in-Advance
3. Income received in advance

Answer 1

Sr. No.	ltems	Major Head	Sub Head
(i)	Stores and Spares	Current Assets	Inventories
(ii)	Calls-in-advance	Current Liabilities	Other Current Liabilities
(iii)	Income Received in Advance	Current Liabilities	Other Current Liabilities