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As per the format of Balance sheet prescribed as per Schedule III of Companies act 2013, Capital Work in progress is shown under the heading of

As per the format of Balance sheet prescribed as per Schedule III of Companies act 2013, Capital Work in progress is shown under the heading of Correct Answer Fixed Assets

The Correct Answer is Fixed Assets
Important Points

  • Capital Work in progress: The cost incurred on the assets of a company that is still under construction at the time of preparation of the Balance Sheet is called Capital Work in progress.
  • For Example- The cost incurred on the construction of a new building would be termed as Capital Work in Progress.
  • As per Schedule III of Companies act 2013, Capital Work in progress is mentioned under subhead Fixed Assets, under Head Non-Current Assets.

Additional Information

  • Intangible assets: These are the assets of the business that do not have a physical existence. For example- Goodwill, Patents, Trademarks, etc.
  • Current assets: These assets are those assets of the business which are expected to convert to cash within a period of one year.
  • 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.
  • Loans and advances: These are the sources of finance of the business both for long-term and short term. Primarily, Loans are intended for long-term finance and Advances are intended for short-term finance needs.

Related Questions

As per the format of Balance sheet prescribed as per Schedule III of Companies Act 2013, Mining rights is shown under the heading of:
“Financial statement of companies shall be prepared as per the forms prescribed in Schedule III of Companies Act 2013". Which section of the Companies Act 2013 prescribes the same?
Which of the following events after the balance sheet date would normally qualify as adjusting events according to AS-4 (Events after balance sheet date)? (A) The insolvency of a customer on the balance sheet date (B) A decline in the market value of investments (C) The declaration of an ordinary dividend (D) The determination of the cost of assets purchased before the balance sheet date Choose the most appropriate answer from the options given below:
Which one of the following is the correct sequence of various stages of operating cycle of a manufacturing company?  1. Raw material conversion period, work-in-progress conversion period, Finished goods conversion period, Receivables conversion period 2. Raw material conversion period, work-in-progress conversion period, Creditors payment period, Receivables conversion period 3. Creditor payment period. Raw material conversion period, Receivables conversion period, work-in- progress conversion period 4. Raw material conversion period, Finished goods conversion period, work-in- progress conversion period. Receivables conversion period 
Study of given bar graph and answer the question that follows. The given bar graph represents the Sales Turnover (in Rs. crore) of five automobile companies A, B, C, D and E during 2014-2015 and 2015-2016. The X-axis represents the Companies, and the Y-axis shows the Sales Turnover (in Rs. crore). (The data shown here is only for mathematical exercise. They do not represent the actual figure of the company.)  If there was an increase of 25% in the average of the sales turnover of all the companies together in 2014-2015 from that in 2013-2014, then what was the average (in Rs.crore, up two decimal places) of the sales turnover of all the companies together in 2013-2014?
Assertion (A): Where any special or local law prescribes for any suit appeal or application a period of limitation different from period prescribed by the Schedule, the provisions of Section 3 of Limitation Act, 1963 shall apply as if such period were the period prescribed by the schedule.
Reason (R): Where a Special Law prescribes a period of limitation for filing appeal but there is no provision therefore under Limitation Act, 1963, the period of limitation provided under the Special Law must be treated to be different from that under the Limitation Act.
Which of the following is true?
i. Balance sheet is alway sprepared from the point of view of the business, but not from the point of view of the owners.
ii. The financial relationship of the business to its owners is shown in the balance sheet.
iii. Balance sheet is always related to a period of time.
What is the prescribed order of writing the following provisions in the Balance Sheet of companies as required by the Indian Companies Act, 1956, Part I, Schedule VI:
1. Provision for contingencies
2. Proposed dividends
3. Provision for taxation
4. Provision for Provident Fund scheme
Select your answer:
Identify the true statement of the following.
1. Balance sheet is always prepared from the point of view of the business, but not from, that of the owners.
2. The financial relationship of the business to its owners is shown in the balance sheet.
3. Balance sheet is always related to a period of time.
Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet.
Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit & loss a/c or in the balance sheet.
Now, select the correct answer: