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Accountancy · 2023 · 3 marks
CBSE 2023 · Region 1 · Set 1 · Q31
Classify the following items under major heads and sub - heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, $\displaystyle 2013$ : (a) Licenses and Franchise (b) Loans Repayable on Demand (c) Accrued Income
Marking-scheme solution
Items Major head Sub-head
(a)
Licenses and Franchise Non Current Assets Fixed Assets.-Intangible
Assets
Alternatively,
Property, Plant & Equipment
and Intangible Assets
(b)
Loans Repayable on Current Liabilities Short Term Borrowings
Demand
(c)
Accrued Income Current Assets Other Current Assets
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CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.