Match the items of List – I with those of List – II and choose the correct code : List – IList – II a.…
Under traditional corporate balance-sheet classification (Schedule VI format), Provision for Taxation falls under 'Provisions' (a-iv), Livestock is classified under 'Fixed…
Choose your answer
Match the items of List – I with those of List – II and choose the correct code :
| List – I | List – II |
|---|---|
| a. Provision for taxation | i. Current Assets |
| b. Live-stock | ii. Unsecured loans |
| c. Sundry Debtors | iii. Fixed Assets |
| d. Interest accrued on unsecured loans | iv. Provisions |
Answer and explanation
Correct answer A
Under traditional corporate balance-sheet classification (Schedule VI format), Provision for Taxation falls under 'Provisions' (a-iv), Livestock is classified under 'Fixed Assets' (b-iii), Sundry Debtors are part of 'Current Assets' (c-i), and Interest accrued and due on unsecured loans is added to 'Unsecured loans' (d-ii). (Under Schedule III to the Companies Act, 2013, interest accrued on borrowings is presented under 'Other current liabilities'.)
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UGC NET Commerce