Balance Sheet Format

Question 1

Liabilities
Non current Liabilities

Answer 1

Long term borrowings
Deferred Tax Liabilities
Long term provisions

Question 2

Liabilities
Current Liabilities

Answer 2

Short term borrowings
Trade payable
Other current liabilities
Short term provisions

Question 3

Assets
Non current assets

Answer 3

Fixed assets
Non current investments
Deferred tax assets
Long term loans and advances

Question 4

Assets
Current assets

Answer 4

Current investments
Inventories
Trade receivables
Cash and bank balance
Short term loans and advances
Other current assets

Question 5

Foot note

Answer 5

Contingent liabilities
Commitments

Question 6

Long term borrowings

Answer 6

Debentures, bonds , premium on redemption of Debentures, term loan from bank , loan from other parties , public deposits

Question 7

Long term provisions

Answer 7

Provision for employee benefits,
Provision for provident fund , Provision for warranties

Question 8

Short term borrowings

Answer 8

Bank overdraft, cash credit

Question 9

Trade payables

Answer 9

Sundry creditors
Bills payable (Trade payable)

Question 10

Other current liabilities

Answer 10

Current maturities of long term debts
Interest accrued but not due on borrowings
Interest accrued and due on borrowings
Income received in advance
Unpaid dividend
Unclaimed dividend
Outstanding expense
Calls in advance and Interest thereon
Provident fund payable

Question 11

Short term provisions

Answer 11

Provision for tax
Provision for doubtful debts

Question 12

Fixed Assets
Tangible Assets
Intangible Assets

Answer 12

Tangible Assets
Such as land , buildings, plant , furniture and fixtures, live stock , computers , vehicles , office equipments

Intangible Assets
Goodwill , patents , computer software

Question 13

Non current investments

Answer 13

Investment in [ equity shares , preference share, government or trust securities, debentures or bonds , mutual funds ]

Question 14

Long term loans and advances

Answer 14

Security deposit with electricity Co (getting loan above 1 yr)

Question 15

Current investments

Answer 15

Short term investments

Question 16

Inventories

Answer 16

Raw materials, work inprogress , finished goods , stock in trade , loose tools , goods in transit

Question 17

Trade receivables

Answer 17

Sundry debtors , trade receivables

Question 18

Short term loans and advances

Answer 18

Advances recoverable in cash

Question 19

Other current assets

Answer 19

Prepaid exp
Dividend receivables
Accrued income
Advance tax

Question 20

Contingent liabilities

Answer 20

Claims against the company not acknowledged as debts
Bills discounted but not matured
Proposed dividend for current year
Guarantees given by the company

Question 21

Commitments

Answer 21

Contracts remaining to be executed
Uncalled liabilities on partly paid shares
Arrears of dividend on cumulative preference shares