Question 10 Chapter 1 of +2-B - USHA Publication 12 Class

Question 10 Chapter 1 of +2-B

Arrangement of Balance sheet Items

10. (Identification of heads of Assets & Liabilities/GST) Give the heading under which the following items will be shown in a company’s balance sheet as per schedule III of Companies Act, 2013.
(i) Securities Premium Reserve, (ii) General Reserve, (iii) 10% Debentures, (iv) Stores and Spare parts, (v) Patents, (vi) Input IGST, (vii) Input CGST, (viii) Input SGST.

The solution of Question 10 Chapter 1 of +2-B: - 

Items	Heading
(i) Securities Premium Reserve	Reserve & Surplus
(ii) General Reserve	Reserve & Surplus
(iii) 10% Debentures	Non – Current Liabilities
(iv) Stores and Spare parts	Current Assets - Inventories
(v) Patents	Non – Current Assets – Intangible Assets
(vi) Input IGST	Current Assets – Other Current Assets
(vii) Input CGST	Current Assets – Other Current Assets
(viii) Input SGST	Current Assets – Other Current Assets

Note: Input IGST, CGST & SGST is charged on the Supply of Goods & Services or sale of goods & services.

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