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As per the format of Balance sheet prescribed as per Schedule III of Companies Act 2013, Mining rights is shown under the heading of:

As per the format of Balance sheet prescribed as per Schedule III of Companies Act 2013, Mining rights is shown under the heading of: Correct Answer Intangible assets

The correct answer is Intangible assets

Key Points

  • Intangible assets: These are the assets of the business that do not have a physical existence. For example- Goodwill, Patents, Trademarks, etc.

Important Points

  • Mining rights are the rights that a business acquires from the government to carry out the mining process. It is an asset for the business but does not have a physical existence. Therefore, they are considered Intangible Assets.
  • As per Schedule III of Companies Act 2013, Mining rights is shown under the subheading of Intangible Assets under the main head Fixed assets. 

Additional Information

  • Fixed Assets: These assets are those assets of the business which are of permanent nature. These assets are expected to last more than one year. Fixed assets are assets that a business intends to utilize in the long run to create revenue.

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