The correct answer is option (3) : (A)-(III), (B)-(IV), (C)-(I), (D)-(II)
* Share Capital - Share forfeited account. This represents the account where the amount paid on forfeited shares is recorded.Share forfeited account is added to find the Share capital.
* Reserve and Surplus- Capital redemption reserve. Reserves and Surplus are essential components that require careful classification. The following categories help organize these items effectively: i) Capital Reserve: This category includes reserves set aside for specific capital-related purposes. ii) Capital Redemption Reserve: Here, reserves are accumulated to facilitate the redemption of capital. iii) Securities Premium Reserve: This category comprises the premium received from the issuance of securities. iv) Debenture Redemption Reserve: Reserves are earmarked to ensure the timely redemption of debentures. v) Revaluation Reserve: In this category, the reserves reflect the revaluation of assets or liabilities. vi) Share Options Outstanding Account: This is a separate item that records the credit balance related to employee share-based payments. vii) Other Reserves (Specifying nature and purpose): Any additional reserves with specific purposes are grouped under this category, clearly specifying their nature and intended use. viii) Surplus: The balance from the statement of profit and loss is disclosed here, indicating allocations and appropriations, such as dividends, bonus shares, and transfers to/from reserves.
* Non-current Liability- 10% debenture. NON-CURRENT LIABILITIES shall include the liabilities due after one year. It shall include the following: Long-term Borrowings: Such as Debentures, Loan from Bank, Loan from other parties. Deferred Tax Liabilities. Other Long term Liabilities: Such as Premium Payable on Redemption of Debentures; Premium Payable on Redemption of Preference Shares, Public Deposits (Unless specified, it will be assumed that deposits are for more than one year.) Long-term Provisions: Such as Provision for Employee Benefits, Provision for Provident Fund, Provision for Warranties.
* Current Liability- Interest accrued and due. Current liabilities shall include the liabilities due within one year. It shall include the following: * Short-term Borrowings: Such as Bank Overdraft, Cash Credit. * Trade Payables: Sundry creditors and Bills Payable will be termed Trade Payables. * Other Current Liabilities: Such as (i) Interest accrued but not due on borrowings; (ii) Interest accrued and due on borrowings; (iii) Income received in advance; (iv) Unpaid dividends; Unclaimed Dividends; (v) Outstanding expenses; (vi) Calls in advance and interest thereon. *Short-term Provisions : Such as (i) Provision for Tax; (ii) Provision for Doubtful Debts |