Under which major headings the following items will be presented in th – InterviewSolution

1.

Under which major headings the following items will be presented in the balance sheet of a company as per Schedule VI Part I of the Companies Act, 1956? (1) Loans provided repayable on demand (2) Goodwill (3) Copyrights (4) Loose tools (5) Cheques (6) General Reserve (7) Stock of finished goods and (8) 9% debentures repayable after three years

Answer»

Item	Major Head
(1) Loans provided repayable on demand	Current Assets
(2) Goodwill	Fixed Assets/Non-current assets
(3) Copy rights	Fixed Assets/Non-current assets
(4) Loose tools	Inventories /Current Assets
(5) Cheque	Cash & cash equivalent/Current Assets
(6) General reserve	Reserve and surplus
(7) Stock of finished goods	Inventory/Current Assets
(8) 9% debenture repayable after three years	Long term borrowings

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