Question

State under which major headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013:

(i) Long-term borrowings 

(ii) Trade Payables 

(iii) Provision for tax 

(iv) Securities Premium Reserve 

(v) Patents 

(vi) Accrued Incomes 

Answer 1

S.No.	Items	Major Headings	Sub-headings
(i)	Long-term borrowings	Non-current Liabilities	-
(ii)	Trade Payables	Current Liabilities	-
(iii)	Provision for Tax	Current Liabilities	Short term Provisions
(iv)	Securities Premium Reserve	Shareholders’ Funds	Reserves and Surplus
(v)	Patents	Non-current Assets	Intangible Assets
(vi)	Accrued Incomes	Current Assets	Other Current Assets