Match the following.
| LIST 1 | LIST 2 |
| (A) Premium on Redemption of Debenture | (I) Reserves and Surplus |
| (B) Revaluation Reserve | (II) Current Liabilities |
| (C) Calls in Arrears | (III) Other Long term Liabilities |
| (D) Trade Payable | (IV) Share Capital |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → (A)-(III), (B)-(I), (C)-(IV), (D)-(II)
Schedule III places every item of the Balance Sheet under a major head and sub-head.
(A) Premium on Redemption of Debenture — this matches (III) Other Long term Liabilities. It is payable when the debentures are redeemed, after more than a year.
(B) Revaluation Reserve — this matches (I) Reserves and Surplus.
(C) Calls in Arrear — this matches (IV) Share Capital. It is deducted from the called-up capital in the share capital note.
(D) Trade Payable — this matches (II) Current Liabilities.
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