- (i) Furniture & fixtures: Fixed assets (Tangible)
- (ii) Current maturities of long-term debts: Long-term borrowings (Current portion)
- (iii) Provision for warranties: Current liabilities (if operational cycle) or Equity (if capital goods)
- (iv) Income received in advance: Current liabilities (specific sub-head based on nature)
- (v) Capital advances: Equity (Share Capital & Reserves, specific sub-head based on nature)
- (vi) Advances recoverable in cash: Trade payables (may use sub-head depending on trade type)
Here's the classification of the listed items under major heads and sub-heads in the balance sheet of a company as per Schedule III of the Companies Act 2013:
I. Non-Current Liabilities:
- (ii) Furniture and Fixtures: This falls under "Fixed Assets", specifically under the sub-head "Tangible Assets". Schedule III doesn't require further sub-categorization, but some companies may further detail it as "Office Furniture & Equipment" or "Machinery & Plant" depending on usage.
II. Current Liabilities:
- (i) Current maturities of long-term debts: This belongs to "Long-term borrowings". Schedule III specifies a sub-heading "Current portion of long-term borrowings" for specifically showing this portion.
- (iv) Income received in advance: This falls under "Current Liabilities and Provisions". Depending on the nature of income, sub-headings like "Prepaid Rent", "Unearned Subscription Revenue", etc., could be used.
- (vi) Advances recoverable in cash within the operation cycle: This belongs to "Trade Payables", which encompasses short-term credit owed to suppliers for goods or services. There's no specific sub-head in Schedule III, but companies may further categorize it based on specific types of trades.
III. Non-Current Liabilities or Equity (depending on nature):
- (iii) Provision for warranties: This can be classified in two ways:
- Non-Current Liabilities: If the warranties extend beyond the operational cycle, it goes under "Current Liabilities and Provisions" with a sub-heading like "Provision for Warranties".
- Equity: If the warranties relate to capital goods with long lifespans, it might be treated as a deduction from capitalized cost and shown under "Share Capital and Reserves" with a sub-heading like "Provision for Warranties on Fixed Assets".
IV. Equity:
- (v) Capital advances: This typically falls under "Share Capital and Reserves" with a sub-head like "Advances received for issue of shares". Depending on the specific nature of the advance, further sub-headings like "Deposits on Applications" or "Calls in Advance" might be used.
Remember, these are generic classifications based on Schedule III's broad categories. Specific accounting practices and company policies may lead to slightly different placements or sub-heads in individual cases. It's always best to consult a qualified accountant for specific guidance.