The classification of the items under Major heads and Subheads in the balance sheet of a Company as per schedule III of the Companies Act 2013 would be as follows:

i. Loose Tools - This would come under the subhead 'Current Assets' under the major head 'Assets'.

ii. Loan repayable on demand - This would come under the subhead 'Current Liabilities' under the major head 'Equity and Liabilities'.

iii. Provision for Retirement benefits - This would come under the subhead 'Long-term Provisions' under the major head 'Equity and Liabilities'.

iv. Pre-paid Insurance - This would come under the subhead 'Current Assets' under the major head 'Assets'.

v. Capital advances - This would come under the subhead 'Non-Current Assets' under the major head 'Assets'.

vi. Shares in Listed Companies - This would come under the subhead 'Non-Current Investments' under the major head 'Assets'.

Question

The classification of the items under Major heads and Subheads in the balance sheet of a Company as per schedule III of the Companies Act 2013 would be as follows:

i. Loose Tools - This would come under the subhead 'Current Assets' under the major head 'Assets'.

ii. Loan repayable on demand - This would come under the subhead 'Current Liabilities' under the major head 'Equity and Liabilities'.

iii. Provision for Retirement benefits - This would come under the subhead 'Long-term Provisions' under the major head 'Equity and Liabilities'.

iv. Pre-paid Insurance - This would come under the subhead 'Current Assets' under the major head 'Assets'.

v. Capital advances - This would come under the subhead 'Non-Current Assets' under the major head 'Assets'.

vi. Shares in Listed Companies - This would come under the subhead 'Non-Current Investments' under the major head 'Assets'.

Knowee AI · Accepted Answer

The classification of the items under Major heads and Subheads in the balance sheet of a Company as per schedule III of the Companies Act 2013 would be as follows:

i. Loose Tools - This would come under the subhead 'Current Assets' under the major head 'Assets'.

ii. Loan repayable on demand - This would come under the subhead 'Current Liabilities' under the major head 'Equity and Liabilities'.

iii. Provision for Retirement benefits - This would come under the subhead 'Long-term Provisions' under the major head 'Equity and Liabilities'.

iv. Pre-paid Insurance - This would come under the subhead 'Current Assets' under the major head 'Assets'.

v. Capital advances - This would come under the subhead 'Non-Current Assets' under the major head 'Assets'.

vi. Shares in Listed Companies - This would come under the subhead 'Non-Current Investments' under the major head 'Assets'.

ClassifythefollowingitemsunderMajorheadsandSubheads(Ifany)inthebalancesheetofaCompanyasperscheduleIIIoftheCompaniesAct2013.i. LooseToolsiii. ProvisionforRetirementbenefitsv. Capitaladvancesii. Loanrepayableondemandiv. Pre-paidInsurancevi. SharesinListedCompanies

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