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Question 11 Chapter 11 of Class 12 Part – 2 – 2024
11. (Identification of heads of Assets & Liabilities) 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) Licenses and Franchise, (ii) Tax Payable, (iii) Outstanding Expenses, (iv) Capital advances, (v) Debenture sinking Fund, (vi) Share forfeited account, (vii) Share issue Expenses.
| Items | Heading |
|---|---|
| (i) Licenses and Franchise | Non – Current Liabilities |
| (ii)Tax Payable | Current Liabilities |
| (iii) Outstanding Expenses | Current Liabilities |
| (iv) Capital advances | Non – Current Assets |
| (v) Debenture sinking Fund | Reserve and Surplas |
| (vi) Share forfeited account | Share Capital Add to Subscribed Capital |
| (vii) Share issue Expenses | Non – Current Assets |
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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