Economics · Accounting
A bank is preparing its financial statements under the Third Schedule of the Banking Regulation Act, 1949. The bank owns several office premises (some used for branches, some leased out) and has acquired high-value artworks for the headquarters, alongside incurring software license costs. How should these items be reported under Schedule 10 (Fixed Assets) and Schedule 11 (Other Assets) of the Balance Sheet?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Only premises and artwork are included in Schedule 10, but they must be shown at historical cost without any depreciation.
- 2Premises and software are included in Schedule 10, while artwork is treated as an investment under Schedule 8.
- 3All premises (owned and leased out) and the artwork are included in Schedule 10, while software is classified as an Intangible Asset under Schedule 11.✓
- 4Only the premises used for bank branches are included in Schedule 10, while software and artwork are part of Other Assets in Schedule 11.
Correct answer
All premises (owned and leased out) and the artwork are included in Schedule 10, while software is classified as an Intangible Asset under Schedule 11.
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