Question

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 1

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