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Question 12 Chapter 11 of Class 12 Part – 2 – 2024
12. (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.10% Debentures | ii.Bills discounted from bank |
| iii.Trade Payable | iv.Calls in arrears |
| v.Debenture Redemption Reserve | vi.General Reserve |
| vii.Work in Progress | viii.Investment |
| ix.Output CGST | x.Output SGST |
| Items | Heading |
|---|---|
| (i) 10% Debentures | Non – Current Liabilities |
| (ii)Bills discounted from bank | Contingent Liabilities |
| (iii) Trade Payable | Current Liabilities |
| (iv) Calls in arrears | Share Capital (Deducted from Called up Capital) |
| (v) Debenture Redemption Reserve | Reserve & Surplus |
| (vi) General Reserve | Reserve & Surplus |
| (vii) Work in Progress | Current Assets |
| (viii) Investment | Non – Current Assets |
| (ix) Output CGST | Current Liabilities – Other current Liabilities |
| (x) Output SGST | Current Liabilities – Other current Liabilities |
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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