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Question
Under which of the major heads will the following items be shown while preparing Balance Sheet of a company, as per Schedule III of the Companies Act, 2013:
(i) Unamortised Loss on Issue of Debentures (To be written off after 12 months from the date of Balance Sheet)
(ii) 10% Debentures
(iii) Stock-in-Trade
(iv) Cash at Bank
(v) Bills Receivable
(vi) Goodwill
(vii) Loose Tools
(viii) Truck
(ix) Provision for Tax; and
(x) Sundry Creditors?
Solution
| ITEMS | HEAD | SUB-HEAD |
| Unamortised Loss on Issue of Debentures (To be written off after 12 months from date of Balance sheet) |
Non-Current Assets | Other Non-Current Assets |
| 10% Debentures | Non Current Liabilities | Long-term Borrowings |
| Stock-in-Trade | Current Assets | Inventories |
| Cash at Bank | Current Assets | Cash and Cash equivalents |
| Bills Receivable | Current Assets | Trade Receivables |
| Goodwill | Non-Current Assets | Fixed Assets (Intangible Assets) |
| Loose Tools | Current Assets | Inventories |
| Truck | Non-Current Assets | Fixed Assets (Tangible Assets) |
| Provision for Tax | Current Liabilities | Short term Provisions |
| Sundry Creditors | Current Liabilities | Trade Payables |
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| ₹ | ₹ | |||
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From the following information, calculate Change in Inventory of Finished Goods: Opening Inventory and Closing Inventory of Finished Goods ₹2,00,000 and ₹1,75,000 respectively.
From the following information, calculate Change in Inventory of Stock-in-Trade: Opening and Closing Stock-in-Trade ₹5,00,000 and ₹4,50,000 respectively.
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From the following information of Hospitality Ltd. for the year ended 31st March, 2018, calculate amount that will be shown in the Note to Accounts on Changes in inventiories of Finished Goods, WIP and stock-in-Trade:
| Particluars |
Opening Inventory (₹) |
Closing inventory(₹) |
||
| Finished Goods |
5,00,000 |
5,50,000 |
||
| Work-in-Progress |
4,50,000 |
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||
| Stock-in-Trade | 6,50,000 | 6,00,000 | ||
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