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Question
Under which major headings and sub-heading will the following items be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956 :
(1) Loans provided re-payable on demand.
(2) Goodwill
(3) Copyright
(4) General Reserve
(5) Cheques
(6) Loose tools
(7) A stock of finished goods
(8) 9% debentures re-payable after three years
Solution
| Items | Head | Sub Head (if any) | |
| 1 | Loans provided re-payable on demand | Current Assets | Short Term Loans and Advances |
| 2 | Goodwill | Non – Current Assets | Fixed Assets – Intangible Assets |
| 3 | Copyrights | Non – Current Assets | Fixed Assets – Intangible Assets |
| 4 | General Reserve | Shareholder’s Funds | Reserve and Surplus |
| 5 | Cheques | Current Assets | Cash and Cash Equivalents |
| 6 | Loose Tools | Current Assets | Inventories |
| 7 | A stock of finished goods | Current Assets | Inventories |
| 8 | 9% debentures re-payable after three years | Non-Current Liabilities | Long-term Borrowings |
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