2.5.2 - Format of Balance Sheet (Schedule III, Companies Act, 2013)
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Practice Questions
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What are the two main sections of a Balance Sheet?
💡 Hint: Think about what a company owns versus what it owes.
What are Current Assets?
💡 Hint: These are short-term resources.
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Interactive Quizzes
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Which of the following is NOT a component of shareholders' funds?
💡 Hint: Recall what shareholders’ funds represent.
True or False: Non-current assets are intended to be converted into cash within one year.
💡 Hint: Remember the time frame for asset classification.
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Challenge Problems
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If a company's assets total ₹1,000,000 and its liabilities are ₹600,000, what is the equity of the shareholders?
💡 Hint: Apply the fundamental accounting equation.
A company has ₹150,000 in Non-current Liabilities and ₹50,000 in Current Liabilities. If their total equity amounts to ₹300,000, what is the total amount of assets?
💡 Hint: Remember to include both types of liabilities when calculating assets.
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