Question

Under what heads and sub-heads will the following items appear in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013: 

(i) Stores and Spares; 

(ii) Proposed Dividend; 

(iii) Computer Software.

(iv) Loose Tools 

(v) Provision for employees’ benefits 

(vi) Unpaid dividend

Answer 1

S. No.	Items	Major Head	Sub-Head
(i)	Stores and Spares	Current Assets	Inventories
(ii)	Proposed Dividend	Current Liabilities	Short-term Provisions
(iii)	Computer Software	Non-Current Assets	Fixed Assets: Intangible Assets
(iv)	Loose Tools	Current Assets	Inventories
(v)	Provision for Employees’ benefits	Non-Current Liabilities OR Current Liabilities	Long-term provisions OR Short-term Provisions
			Depending upon the nature, i.e. it will be classified as current if a company does not have an unconditional right as on Balance Sheet date to defer its settlement for 12 months after reporting date, otherwise it will be classified as non-current.
(vi)	Unpaid Dividend	Current Liabilities	Other Current Liabilities