Which combination of statements is correct in accordance with the presentation format prescribed under the revised Schedule III to the Companies Act, 2013?(A) Shareholders' funds are sub-classified as Share Capital, Reserves and Surplus, and Money received against Share Warrants.(B) Reserves and Surplus include Revaluation Reserve.(C) Both tangible and intangible assets are current assets.(D) Deferred tax assets/liabilities are always non-current.Choose the correct answer from the options given below:
- A(A), (B) and (C) only
- B(A), (B) and (D) only
- C(A), (B), (C) and (D)
- D(B), (C) and (D) only
Solution & Step-by-step Explanation
Analyzing the disclosure rules under Schedule III:(A) is True: These form the core items listed under the Shareholders' Funds heading.(B) is True: Revaluation Reserve is a component of Reserves and Surplus.(C) is False: Tangible and intangible assets are generally long-term operational properties, classified under Non-Current Assets, not current assets.(D) is True: Schedule III explicitly mandates that deferred tax assets and liabilities must always be classified as non-current items.Thus, statement items (A), (B), and (D) are correct.