question_answer

Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organisations operate. These statements are the sources of information on the basis of which, conclusions are drawn about the profit, liability and financial position of a company so that their user can easily understand and use them in their economic decisions in a meaningful way. From the above statement, identify any two values that a company should observe while preparing its financial statements. Also state under which main headings and sub-headings the following items will be presented in the balance sheet of a company as per Schedule III of the Companies Act 2013.

(i) Bills payable

(ii) Shares of XYZ Ltd

(iii) Bills of exchange

(iv) Short-term loans

Answer:

Not Available