"Premium on Redemption of Debenture- Other Long term Liabilities"
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.
"Revaluation Reserve- Reserves and Surplus"
Shareholder’s Funds (a) Share Capital (b) Reserves and Surplus like securities premium reserve, capital reserve, capital redemption reserve, Revaluation Reserve etc (c) Money received against share warrants
"Calls in arrear is deducted from the share capital"
" Trade Payable- CURRENT LIABILITIES"
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 | 
