Question

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the
Companies Act, 2013:

1. Work in progress
2. Securities premium
3. Creditors

Hint:

Memorize the major heads and common sub-heads under Schedule III: - \textbf{Equity \& Liabilities:} Shareholders' Funds (Share Capital, Reserves \& Surplus), Non-Current Liabilities (Long-term Borrowings, Deferred Tax Liab., Other LT Liab., LT Provisions), Current Liabilities (Short-term Borrowings, Trade Payables, Other Current Liab., ST Provisions). - \textbf{Assets:} Non-Current Assets (Property Plant \& Equipment, Intangible Assets, Capital WIP, Non-current Investments, LT Loans \& Advances, Other Non-current Assets), Current Assets (Current Investments, Inventories, Trade Receivables, Cash \& Cash Equivalents, ST Loans \& Advances, Other Current Assets).

Answer 1

Resolution requires categorizing the provided elements into primary categories and secondary categories (if applicable) on a company's Balance Sheet, adhering to Schedule III, Part I of the Companies Act, 2013.

1. Categorization of Provided Elements:

Element	Primary Category	Secondary Category (if applicable)
(i) Work in Progress	Assets	Non-Current Assets → Fixed Assets → Capital Work-in-Progress
(ii) Securities Premium	Equity and Liabilities	Shareholders' Funds → Reserves and Surplus
(iii) Creditors	Equity and Liabilities	Current Liabilities → Trade Payables

Final Outcome:
The preceding table delineates each element according to Schedule III of the Companies Act, 2013, assigning it to its correct primary and secondary classifications within the company's Balance Sheet.