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easyMCQCUET Accountancy 2023 29 May Shift 22026Accountancy
1 mark

Select the sub-head under which loose tools will be shown in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013.

  1. A
    Current Assets
  2. B
    Trade Receivables
  3. C
    Inventories
  4. D
    Other current Assets

Solution & Step-by-step Explanation

Under the structural format prescribed by Schedule III of the Companies Act, 2013, "Loose Tools" are classified under the main head Current Assets and specifically listed under the sub-head Inventories.

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Select the sub-head under which loose tools will be shown in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013.
A
Current Assets
B
Trade Receivables
C
Inventories
D
Other current Assets

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