Question

    As per Schedule III of the Companies Act, 2013, the

    current maturities of long term debt have to be shown under which of the following heading?
    A Long Term Borrowings Correct Answer Incorrect Answer
    B Other Long Term liabilities Correct Answer Incorrect Answer
    C Short Term borrowings Correct Answer Incorrect Answer
    D Other current liabilities Correct Answer Incorrect Answer
    E Contingent liabilities Correct Answer Incorrect Answer

    Solution

    As per Amendment notification to Schedule III of Companies Act, 2013, applicable from April 01, 2021, the current maturities of long term borrowings shall be disclosed separately under short term borrowings. The Current maturities of finance lease obligations continue to be disclosed under other current liabilities.

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