Match list I with list II and choose the correct answer from the options given below:
| LIST 1 | LIST 2 |
| A) Current maturities of long term debt | I) Other non-current liabilities |
| B) Securities premium | II) Short-term borrowing |
| C) Outstanding salaries | III) Other current liability |
| D) Premium on redemption of debentures | IV) Reserves and surplus |
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → A-II, B-IV, C-III, D-I
Each item is placed under its head in the balance sheet of a company (Schedule III):
(A) Current maturities of long term debt — this matches (II) Short-term borrowing. The part of a long-term loan repayable within twelve months is shown under Short-term borrowings in Schedule III as amended in 2021.
(B) Securities premium — this matches (IV) Reserves and surplus. Securities Premium Reserve is one of the reserves listed under Reserves and Surplus.
(C) Outstanding salaries — this matches (III) Other current liability. Expenses due but unpaid are settled within the year and are not borrowings.
(D) Premium on redemption of debentures — this matches (I) Other non-current liabilities. It is payable only when the debentures are redeemed, so it is shown under Other long term liabilities.
Note: Schedule III (as amended in 2021) shows current maturities of long-term borrowings under Short-term borrowings; the NCERT book (2026-27) still lists them under Other current liabilities.
NCERT (2026-27 edition):
NCERT (2026-27 edition):
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