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Question 10 Chapter 11 of Class 12 Part – 2 – 2024
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.
| 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.
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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