Skip to content

CMA Intermediate · Corporate Accounting and Auditing · Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013)

Under Division I (Non-Ind AS) of Schedule III to the Companies Act, 2013, in the Balance Sheet of a company, which of the following is shown under the head 'Non-current assets'?

Capital work-in-progress is shown under non-current assets in the Schedule III balance sheet, alongside tangible and intangible assets. Inventories, cash and cash equivalents, and trade receivables due within the operating cycle are classified as current assets instead.

  1. ATrade receivables due within twelve months of the reporting date
  2. BCash and cash equivalents
  3. CCapital work-in-progressCorrect
  4. DInventories

Explanation

Capital work-in-progress is part of Property, Plant and Equipment-related non-current assets. Trade receivables, cash and inventories are current assets, so they are not shown under non-current assets.

Did you get it right without looking?

One question tells you little. A timed set on Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013) shows your real accuracy, how long you take and where you lose marks.

Practise Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013)Free diagnostic mock

More Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013) questions