Question

Under which major headings and subheadings will the following items be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 ?

(i) Interest accrued and due on debentures
(ii) Loose tools
(iii) Accrued interest on calls in advance
(iv) Interest due on calls in arrears
(v) Trademarks
(vi) Premium on redemption of debentures
(vii) Plant and Machinery
(viii) Patents

Answer 1

The items listed in the question will be presented under specific major headings and subheadings in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013.

Step-by-step explanation:

The items listed in the question will be presented under specific major headings and subheadings in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013. Here is how each item will be categorized:

1. Interest accrued and due on debentures: This will be presented under the heading 'Non-Current Liabilities' and the subheading 'Long-term Borrowings'.
2. Loose tools: This will be presented under the heading 'Non-Current Assets' and the subheading 'Property, Plant and Equipment'.
3. Accrued interest on calls in advance: This will be presented under the heading 'Current Liabilities' and the subheading 'Trade Payables'.
4. Interest due on calls in arrears: This will be presented under the heading 'Current Assets' and the subheading 'Trade Receivables'.
5. Trademarks: This will be presented under the heading 'Intangible Assets'.
6. Premium on redemption of debentures: This will be presented under the heading 'Reserves and Surplus'.
7. Plant and Machinery: This will be presented under the heading 'Non-Current Assets' and the subheading 'Property, Plant, and Equipment'.
8. Patents: This will be presented under the heading 'Intangible Assets'.