Accounting · Company Final Accounts
Consider the following statements regarding the preparation of a Balance Sheet, specifically following Schedule III of the Companies Act, 2013: I. Sundry Debtors are to be shown net of Provision for Doubtful Debts, and Trade Receivables aging must be disclosed. II. Contingent Liabilities are recorded on the Debit side of the Balance Sheet and are offset against the total assets to arrive at the net worth. III. Preliminary Expenses and Discount on Issue of Debentures are now classified as Non-Current Assets under the sub-heading 'Other Non-Current Assets', replacing the old term 'Miscellaneous Expenditure'. Which of the above statements is/are CORRECT in the context of current financial statement presentation?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1I, II and III
- 2Only I✓
- 3Only I and III
- 4Only I and II
Correct answer
Only I
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