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| Which of the following is a "Non current asset" as per Schedule III of the Companies Act 2013? |
Fixed assets Share Capital Long term Loans and advances None of the above |
| Fixed assets |
| As per Schedule III of the Companies Act 2013, an item is classified as current: • if it is involved in entity’s operating cycle or, • is expected to be realised/settled within twelve months or, • if it is held primarily for trading or, • is cash and cash equivalent or, • if entity does not have on unconditional rights to defer settlement of liability for atleast 12 months after the reporting period, All Other assets and liabilities are non-current as per Schedule III of the Companies Act 2013 Share Capital and Long term Loans and Advances are shown on the Liability side. Hence, Option 1 is the correct answer. |
