Show the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:
(a) Stock-in-trade
(b) Motor Vehicles
(c) Provision for tax
(a) Stock-in-trade
(b) Motor Vehicles
(c) Provision for tax
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Solution and Explanation
Classification of Items in Balance Sheet
(a) Stock-in-trade
Major Head: Current Assets
Sub-head: Inventories
Stock-in-trade refers to goods bought for resale (not raw material or finished goods). It is part of the inventory classification.
(b) Motor Vehicles
Major Head: Non-current Assets
Sub-head: Property, Plant and Equipment (PPE)
Motor vehicles used in operations are classified under fixed assets. Depreciation is charged on them.
(c) Provision for Tax
Major Head: Current Liabilities
Sub-head: Short-term Provisions
Provisions for tax are payable within one year and hence treated as short-term obligations.
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